Nasdaq Inc

NDAQ: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$49.00	Myrzq	Hgzjlrzl

Nasdaq Earnings: Market Conditions Pressure Revenue Growth, but Antifinancial Crime Builds Momentum

Michael Miller

Apr 19, 2023

Narrow-moat Nasdaq reported first-quarter earnings that were in line with our expectations, with weakness in its index and listing businesses offset by strong performance from its market technology and antifinancial crime segments. Net revenue increased 2% from last year and 0.9% sequentially to $914 million. Meanwhile, EPS rose 7% year over year to $0.61 per share. As we incorporate these results, we are maintaining our $58 per-share fair value estimate for the firm.

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