As of September 30, 2024, Nasdaq, Inc. reported total revenues of $1,902 million for the third quarter, marking a 31.0% increase from $1,451 million in the same period of 2023. For the nine months ended September 30, 2024, revenues reached $5,370 million, up 21.6% from $4,417 million year-over-year. The growth was driven by significant increases across all business segments, particularly in Market Services, which generated $1,022 million in Q3 2024, compared to $747 million in Q3 2023. Financial Technology revenues also surged to $371 million from $238 million, while Capital Access Platforms reported $501 million, up from $456 million.
Despite the revenue growth, Nasdaq's net income for Q3 2024 was $306 million, a modest increase from $294 million in Q3 2023. However, net income for the nine months ended September 30, 2024, decreased to $762 million from $862 million in the prior year. Basic and diluted earnings per share for Q3 2024 were $0.53, down from $0.60 in Q3 2023.
Total operating expenses for Q3 2024 rose to $698 million, a 37.3% increase from $509 million in Q3 2023, largely due to higher compensation and benefits, which amounted to $1,000 million, and increased depreciation and amortization expenses. Restructuring charges related to the Adenza acquisition also contributed to the rise in expenses, totaling $103 million for Q3 2024, compared to $49 million in the same period of 2023.
In terms of strategic developments, Nasdaq completed the acquisition of Adenza on November 1, 2023, for a total consideration of $9,984 million, financed through debt. The acquisition has led to a restructuring program aimed at optimizing efficiencies, with total pre-tax charges of $139 million incurred over two years. Additionally, Nasdaq announced a secondary public offering of 41.6 million shares at $65.30 per share in July 2024.
As of September 30, 2024, Nasdaq's total assets decreased to $30,560 million from $32,294 million at the end of 2023, while total liabilities also declined to $17,492 million from $19,691 million. Nasdaq's stockholders' equity increased to $11,072 million, up from $10,816 million at the end of 2023. The company reported a decrease in cash and cash equivalents to $266 million from $453 million at the end of 2023, reflecting changes in operating assets and liabilities.
Overall, Nasdaq's performance in Q3 2024 reflects strong revenue growth across its segments, although profitability metrics showed some decline compared to the previous fiscal period, influenced by increased operational costs and strategic restructuring efforts.
About NASDAQ, INC.
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