Nasdaq Q1 Results Top Estimates, Boosts Dividend 11%

(RTTNews) - Technology company Nasdaq Inc. (NDAQ) reported Wednesday that its net income for the first quarter declined to $283 million or $1.70 per share from $298 million or $1.78 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $329 million or $1.97 per share, compared to $327 million or $1.96 per share in the year-ago quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $1.95 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter grew 5 percent to $892 million from last year's $851 million. Analysts expected revenues of $891.84 million for the quarter.

Solutions segments revenues decreased 15 percent, and Market Services revenues declined 6 percent from last year.

The company's Board of Directors also declared an 11 percent higher regular quarterly dividend of $0.60 per share on the company's outstanding common stock, payable on June 24, 2022 to shareholders of record at the close of business on June 10, 2022.

The company also began the process of obtaining certain shareholder and SEC approvals to facilitate a 3-for-1 stock split in the form of a stock dividend, which is expected to be completed in the third quarter of 2022, if approved.