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Spotify Puts Wall Street’s Old Ways on the Spot

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January 1, 2002

Rough Quarter For Nasdaq

By Gregory Bresiger

Nasdaq, facing the same problems as the rest of the securities industry, had a difficult third quarter in 2001. Net income was $7.9 million compared to $22 million for the same period of last year. That translates into seven cents a share versus 18 cents a share in the year 2000 for the Washington-based group.

Revenues dropped by 2.5 percent to $197.7 million and expenses rose by 18 percent, compared to the same period of last year.

However, Nasdaq executives, noting the organization is making the transition to a for-profit exchange group and the problems caused by the war, said the results were expected.

"This has been a year in which we have continued to invest in and build our major strategic initiatives, while managing the business through continued soft market conditions," said Richard Ketchum, president of Nasdaq. Ketchum said that he expected the "soft market conditions" to continue in the fourth quarter.