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Nasdaq reports higher Q3 adjusted net income, higher operating expenses YOY

Nasdaq Inc. reported third-quarter non-GAAP net income attributable to the company of $212 million, or $1.27 per share, compared with $189 million, or $1.13 per share in the year-ago quarter.

The S&P Global Market Intelligence consensus estimate for normalized EPS for the second quarter was $1.21.

GAAP net income attributable to the company was $150 million, or 90 cents per share, down from $163 million, or 97 cents per share, in the year-ago quarter.

Revenues, less transaction-based expenses, totaled $632 million in the most recent quarter, compared with $600 million a year ago. The increase in net revenues reflected a positive $37 million impact from organic growth and an additional $12 million in revenue from the acquisitions of Cinnober and Quandl, partially offset by a $10 million negative impact from a divestiture and a $7 million negative impact from foreign exchange rates.

GAAP operating expenses increased year over year to $406 million from $354 million. The increase primarily reflects restructuring charges, higher general, administrative and other expense and higher compensation expense, partially offset by lower depreciation and amortization expense.

On a non-GAAP basis, operating expenses were up year over year to $317 million from $311 million.

Nasdaq also updated its full-year 2019 guidance for non-GAAP operating expense to a range of $1.29 billion to $1.30 billion, versus its prior guidance of $1.30 billion to $1.32 billion. The company continues to expect its 2019 non-GAAP tax rate to be in the range of 26% to 27%.