(Reuters) – Exchange operator Nasdaq reported fourth-quarter profit that rose 24.6% on Wednesday, on the back of strong performance in its solutions business.

The company has been expanding beyond market-sensitive businesses like trading to become a full-scale data and analytics provider.

It saw robust demand for its solutions business in the quarter, revenue for which rose 32.3%, to $860 million, compared to a year earlier.

The solutions business was helped by a revenue rise in its financial technology business, which jumped to $399 million, from $231 million a year ago.

This helped the exchange post an adjusted profit of $395 million, or 72 cents per share, compared to $317 million, or 64 cents per share, in the fourth quarter of the previous year.

The U.S. IPO market has been in the doldrums for over two years because of geopolitical pressures and the Federal Reserve’s aggressive rate hikes to rope in inflation.

With analysts now seeing green shoots in the IPO market with hopes of a soft landing for the U.S. economy, Nasdaq’s total listings were up to 28 in the fourth quarter, from 18 a year ago, translating to a 3.8% rise in the exchange’s data and listing services revenue.

Nasdaq closed 2023 with Softbank-backed Arm, solar firm Nextracker and grocery delivery app Instacart as its biggest listings.

(Reporting by Pritam Biswas in Bengaluru; Editing by Pooja Desai)

Brought to you by www.srnnews.com