Nice catch. Adena's comments from this morning below. Sounds like their customers were busy and slowed making purchase decisions, a sensible result considering circumstancespic.twitter.com/waRpH2POQi
Nasdaq Q2 earnings snapshot: Revenue +12% YoY Expense +2% Op income +24% EPS +26% Market Technology new order intake dropped considerably in Q2 - will need management commentary to understand further:pic.twitter.com/QKNFlN0MES
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Thanks for highlighting - i still need to dig through the conference call commentary and Q&A. The market seems to be willing to look past the dip even though management has pushed Market Tech as the foundation of their narrative.
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Amazed at how the multiple expanded for this stock. Now higher than ICE! People underestimated CEO Adena Friedman. She deserves massive props.
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Shes the http://bomb.com
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It may be the highest growth driver within Non-trading segment but remember it is coming from a much smaller base at only 12% of revenues. Info Services to me is the segment that will do the heavy lifting over the next 3 years at 30% of rev and a low 60s EBIT margin.
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Great point and I agree. Yet I also worry that info services is the riskier revenue stream due to competition and regulatory risk than their market technology business where NDAQ is a bona fide leader
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