NYSE Swings To Q4 Profits, Exceeds Expectations
NYSE Euronext (NYSE: NYX) swung to net profits in Q4 as its cost-cutting efforts offset a decline in share trading volumes and market share.
Trans-Atlantic stock-exchange operator NYX posted net profits of $172 million for the three months ended December 31, as compared to net losses of $1.34 billion a year earlier. The results beat consensus expectations with a 12% rise in fourth-quarter profits. NYX’s earnings for Q4 came at $151 million, or $0.58 per share, while the Street view was for $0.48 a share.
However, the company’s revenues shrank 14% to $1.01 billion, from $1.18 billion in the year-ago quarter. NYX’s revenues from cash equities trading dived 38% to $139 million as a result of the downturn in volumes in the US and Europe and a reduction in the prices of net. Meanwhile, revenues from derivatives trading rose sharply.
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