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Sep 30, 2024
Nasdaq Q3 2024 Earnings Report
Nasdaq reported strong Q3 2024 results, driven by double-digit solutions revenue growth and the Adenza acquisition.
Key Takeaways
Nasdaq reported Q3 2024 net revenue of $1.1 billion, a 22% increase year-over-year, with Solutions revenue up 26%. The company's GAAP diluted EPS decreased by 11%, while non-GAAP diluted EPS increased by 5%. Nasdaq returned $138 million to shareholders through dividends and $88 million through share repurchases.
Net revenue increased by 22% year-over-year, reaching $1.1 billion.
Solutions revenue grew by 26% compared to the prior year period.
ARR increased by 31% year-over-year.
Financial Technology revenue increased by 56% over the third quarter of 2023.
Revenue by Segment
Forward Guidance
Nasdaq is updating its 2024 non-GAAP operating expense guidance to a range of $2,150 million to $2,180 million, and is updating its 2024 non-GAAP tax rate guidance to be in the range of 23.5% to 24.5%.
Positive Outlook
- The company is actioning more than 80% of its net expense synergy target.
- Nasdaq continues to delever ahead of plan.
- Nasdaq reached new milestones in deploying AI tools and products.
- The company launched an internal Generative AI platform with custom-built efficiency tools.
- Calypso also announced an AI-based solution for X-Value Adjustments (XVA) with up to 100 times faster processing speeds.
Challenges Ahead
- U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
- Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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