Nasdaq OMX Q2 results defy forecasts

Second quarter profits of the NASDAQ OMX Group—the second-largest U.S. equity exchange operator—rose 1.1%, reports Financial Times.

Gains from its non-core trading business, including market data and broker services, helped limit a 3.7% decline in revenues from its core US equity cash trading business. Overall, net revenues fell 1.6% to $688 million.

The company results defied wider industry gloom and also beat analysts’ predictions, despite the shadow cast by Facebook’s glitch-ridden IPO launch.

Robert Greifeld, chief executive, said in a statement the quarter showed Nasdaq could grow its business in spite of the trading environment, which has put increased strain on exchanges to find new streams of revenues.

“Q2 saw a continuation of solid growth in our recurring and subscription-based businesses,” he says.

Regarding Facebook’s flop, he said, “We deeply regret the problems encountered during the initial public offering of Facebook. We failed to meet our own high standards based on our history of providing outstanding technology to our members and exchange customers. We learned from this experience and will continue to improve our trading platforms.”

NYSE Euronext, the top U.S. stock-exchange operator, is scheduled to issue its quarterly report on Aug. 3. Analysts predict 50 cents a share in profit, down from the 61 cents last year, says Bloomberg.

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