Nasdaq (NDAQ) beat Wall Street expectations for Q3 profit, driven by higher trading volumes amid persistent market volatility — while CEO Adena Friedman reaffirmed confidence in a robust IPO market, even as the U.S. government shutdown drags into its fourth week.
🔹 Key Highlights
- Trading revenue jumped 14% to $303 million, fueled by portfolio repositioning and tariff-related uncertainty.
- Q3 adjusted profit: $511 million (88¢/share) vs. $0.85 expected.
- Nasdaq shares rose 4% in early trading.
- New listings: up to 205, from 138 a year earlier — marking the strongest IPO pace since 2021.
🔹 CEO Outlook
“Our IPO pipeline is robust, and we continue to expect a meaningful pickup in IPO activity in the quarters ahead,” said Friedman, adding that the shutdown has caused “short-term delays, not derailment.”
🔹 Strategic Growth Beyond Markets
Nasdaq’s FinTech and data solutions divisions continue to deliver strong growth:
- Financial Technology revenue: +23% to $457M
- Index business: +13% to $206M
- Solutions segment surpassed $1B in quarterly revenue and reached $3B in recurring annual revenue for the first time.
Amid policy uncertainty, tariff tensions, and labor market headwinds, Nasdaq’s performance underscores the strength of diversified exchange models — balancing market trading with software, data, and regulatory technology innovation.