Financial Performance - Total revenues for Q1 2025 reached $2,090 million, a 25% increase from $1,674 million in Q1 2024[23] - Operating income for Q1 2025 was $547 million, up from $410 million in Q1 2024, reflecting a 33% growth[23] - Net income attributable to Nasdaq for Q1 2025 was $395 million, compared to $234 million in Q1 2024, representing a 69% increase[23] - Basic earnings per share increased to $0.69 in Q1 2025 from $0.41 in Q1 2024, a rise of 68%[23] - The company reported a comprehensive income of $598 million for Q1 2025, significantly higher than $113 million in Q1 2024[25] - Net income for the three months ended March 31, 2025, was $395 million, a 69.9% increase from $233 million in the same period of 2024[30] - Total revenues for the three months ended March 31, 2025, were $2,090 million, an increase of 24.9% compared to $1,674 million in the same period of 2024[164] - Operating income for the consolidated entity was $547 million for the three months ended March 31, 2025, up from $410 million in 2024, reflecting a growth of 33.4%[164] - Net income attributable to common shareholders for the three months ended March 31, 2025, was $395 million, compared to $234 million for the same period in 2024[110] Revenue Segments - Total revenues for the Capital Access Platforms segment increased to $515 million in Q1 2025 from $479 million in Q1 2024, representing a growth of 7.5%[53] - Market Services revenues rose to $281 million in Q1 2025, up 18.6% from $237 million in Q1 2024[53] - The Financial Technology segment generated $432 million in revenue for Q1 2025, up from $394 million in Q1 2024, reflecting a growth of 9.6%[53] - The Capital Access Platforms segment generated revenues of $515 million, a 7.4% increase from $479 million in 2024[190] - The Financial Technology segment reported a 10.3% revenue growth, reaching $432 million, up from $392 million in 2024[198] - Market Services achieved record revenues of $1,134 million, a 42.8% increase from $794 million in the previous year[186] - Total revenues from the United States for the three months ended March 31, 2025, were $1,700 million, compared to $1,304 million in 2024, representing a growth of 30.3%[166] Assets and Liabilities - Total assets as of March 31, 2025, were $30,647 million, up from $30,395 million at the end of 2024[21] - Total liabilities decreased slightly to $19,092 million as of March 31, 2025, from $19,195 million at the end of 2024[21] - Retained earnings increased to $8,658 million as of March 31, 2025, compared to $8,401 million at the end of 2024[21] - Total debt obligations decreased from $9,480 million at December 31, 2024, to $9,326 million at March 31, 2025, after accounting for payments and foreign currency translation[71] Cash Flow and Dividends - Cash flows from operating activities increased to $663 million in Q1 2025, compared to $530 million in Q1 2024, marking a 25.1% increase[30] - Cash dividends declared per common share rose to $0.24 in Q1 2025 from $0.22 in Q1 2024[23] - The company paid $138 million in dividends during Q1 2025, an increase from $127 million in Q1 2024[30] - The board declared a cash dividend of $0.24 per share, totaling $138 million, during the first quarter of 2025, with a subsequent increase to $0.27 per share approved for April 2025[107][108] Expenses and Cost Management - Total operating expenses decreased by 2.5% to $690 million in Q1 2025 from $707 million in Q1 2024, primarily due to a reduction in compensation and benefits expenses[215] - The company expects to incur approximately $140 million in pre-tax charges related to the "Adenza Restructuring" program, with over $100 million in net expense synergies actioned through March 31, 2025[168] - Total restructuring charges for the three months ended March 31, 2025, were $5 million, down from $26 million in 2024[172] - Annual cost savings of $140 million are expected by the end of 2025, including $80 million from AxiomSL and Calypso acquisition synergies[223] Employee and Stock Information - Headcount increased to 9,377 employees as of March 31, 2025, up from 8,568 employees a year earlier, reflecting growth in the Financial Technology segment[216] - The company has approximately $191 million in available liquidity from other credit facilities as of March 31, 2025, none of which was utilized[82] - The company has a $1.25 billion revolving credit facility, with no amounts outstanding as of March 31, 2025[78] - The total number of shares of common stock repurchased in the three months ended March 31, 2025, was 1,557,529 at an average price of $73.57, totaling $115 million[104] Strategic Focus and Initiatives - Nasdaq's strategic focus includes ongoing initiatives in technology and capital return, with an emphasis on integrating acquired businesses[18] - The Adenza restructuring program is expected to incur approximately $140 million in pre-tax charges, with completion anticipated by the end of 2025[223] - Over $100 million in net expense synergies have been actioned through March 31, 2025[223]

Market Overview - Wall Street experienced a strong rebound due to signs of de-escalation in the U.S.-China trade war and President Trump's assurance regarding Federal Reserve Chair Jerome Powell's position. The Nasdaq Composite Index led the rally with a gain of 6.7%, while the S&P 500 and Dow Jones increased by 4.6% and 2.5%, respectively [1] Nasdaq Performance - The Nasdaq Index returned to positive territory in April, with the Fidelity Nasdaq Composite Index ETF (ONEQ) and Invesco QQQ (QQQ) both gaining over 9% [2] Key Stocks in QQQ ETF - Five stocks that were at the forefront of the rally include Microchip Technology Inc. (MCHP), Palantir Technologies Inc. (PLTR), Tesla (TSLA), AppLovin Corporation (APP), and Micron Technology (MU) [3][10] Trade Tensions - Reports indicate that China may suspend its 125% tariff on certain U.S. goods, which has positively impacted market sentiment. The potential tariff cuts could affect key sectors such as medical equipment and industrial chemicals [4] Federal Reserve Insights - President Trump clarified that he does not plan to remove Jerome Powell before his term ends in May 2026. Some Federal Reserve officials have indicated a willingness to consider interest rate cuts, with a potential cut as early as June being discussed [6] Earnings Highlights - Netflix (NFLX) reached an all-time high stock price of nearly $1,101, reflecting strong performance and investor confidence [7] - Despite Tesla's disappointing first-quarter results, shares rose after CEO Elon Musk expressed optimism about future goals [8] - Alphabet (GOOG, GOOGL) reported strong first-quarter results, exceeding earnings and revenue estimates, and announced a 5% dividend increase along with a $70 billion stock buyback authorization [8] QQQ ETF Fundamentals - Invesco QQQ tracks the Nasdaq 100 Index, with 59.5% of its assets in information technology and 20.2% in consumer discretionary. The ETF has an AUM of $286.8 billion and an average daily volume of over 63 million shares [11][12] Stock Performances - Microchip Technology (MCHP) saw a stock increase of 21.6% last week, with a slight positive earnings estimate revision [13] - Palantir Technologies (PLTR) stock rose about 20% last week, with an estimated earnings growth rate of 34.1% [14] - Tesla (TSLA) shares jumped 18.1% despite an estimated earnings decline of 22.3% for the year [15] - AppLovin (APP) gained 16.2% with an estimated earnings growth rate of 47.46% [16] - Micron Technology (MU) increased by approximately 16% last week, with an estimated earnings growth of 426.9% for the fiscal year [16]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

Market Overview - The S&P 500 and Nasdaq-100 indices are currently about 10% and 13% below their respective peaks from 2025, indicating they are out of bear market territory [1] - Some index funds and actively managed ETFs remain in bear markets, defined as being 20% or more below their highs [1] Small-Cap Stocks - Small-cap stocks are trading at their lowest price-to-book valuations relative to large-cap stocks in over 25 years, with the gap widening since the start of 2025 [2] - The average stock in the Russell 2000 small-cap index has a price-to-book multiple of 1.8, compared to 4.6 for the typical S&P 500 stock [3] Investment Vehicles - The Vanguard Russell 2000 ETF (VTWO) is highlighted as a preferred investment option due to its low expense ratio of 0.07% and its diversified holdings across 2,000 small-cap stocks [4] - The Vanguard Real Estate ETF (VNQ) is currently 25% below its all-time high, affected by the rising-rate environment that has placed REITs in a technical bear market [5][6] Real Estate Sector - Elevated interest rates negatively impact REITs by making risk-free returns more attractive, increasing the cost of capital, and leading to declines in commercial property values [6] - There is potential for a turnaround in the real estate sector, with expectations of four 25-basis-point Federal Reserve rate cuts by year-end, alongside a 4.2% yield from the VNQ ETF [7] Technology Sector - The Ark Autonomous Technology & Robotics ETF (ARKQ) is an actively managed ETF that focuses on AI investment opportunities, differing from traditional AI index funds by not being top-heavy with big tech stocks [8][9] - The ETF is currently about 18% below its 2025 peak and 30% below its all-time high, presenting a potential investment opportunity for those interested in AI [10]

Core Insights - Nasdaq, Inc. (NASDAQ: NDAQ) reported strong Q1 2025 results, surpassing analyst expectations across most metrics [1] - Following the results, shares of Nasdaq have reacted positively, with analysts maintaining an "Outperform" rating on NDAQ [1]

Core Viewpoint - Wall Street is concerned about a potential recession impacting markets in 2025, with the Nasdaq Composite down 16% year-to-date. However, there are growth opportunities in companies like Reddit and Netflix that could yield significant returns in the coming years [1]. Group 1: Reddit - Reddit is positioned for growth in the $700 billion digital advertising market, benefiting from a large user base that includes high-intent shoppers [3]. - Reddit's advertising revenue grew 50% year-over-year in 2024, reaching $1.2 billion, with a notable acceleration of 60% growth in Q4 compared to the previous year [4]. - Approximately 50% of discussions on Reddit are product-related, increasing the platform's value to advertisers. Average revenue per unique user increased by 23% year-over-year in Q4, alongside a 39% growth in daily active unique users [5]. - The stock has decreased by 59% from recent highs, making it more attractive for investment despite potential short-term slowdowns in the digital ad market. Analysts project Reddit's total revenue to reach $3.5 billion by 2028, up from $1.3 billion last year [6]. - Reddit's stock trades at 32 times this year's earnings estimate, presenting a bargain for a company that could potentially double its revenue in a few years [7]. Group 2: Netflix - Netflix has shown strong performance since the market sell-off in 2022, with shares trading around $1,000 and continued momentum in new member sign-ups and margin expansion [8]. - The company reported a 12% year-over-year revenue increase, surpassing 300 million paid memberships, and earnings per share grew by 25% year-over-year [9]. - With over 5 billion people having internet access globally and 1.6 billion with broadband in 2024, Netflix is well-positioned to capture a significant share of this market due to its extensive content library and global presence [10]. - Netflix has invested billions in content production, resulting in a diverse catalog that appeals to various audiences, while also delivering growth in both revenue and earnings [11]. - Analysts expect Netflix's earnings to reach $37 by 2027, representing a 75% increase from trailing-12-month earnings, suggesting potential for similar returns on investment if the stock maintains its valuation [11][12].

Summary of Key Points Core Viewpoint - The total short interest in Nasdaq securities has increased slightly, indicating a potential shift in market sentiment towards short selling as of April 15, 2025 Group 1: Nasdaq Global Market - Short interest in 3,143 Nasdaq Global Market securities totaled 13,211,633,004 shares, up from 13,072,444,217 shares in the previous reporting period [1] - The mid-April short interest represents 1.76 days of average daily volume, a decrease from 2.64 days in the prior reporting period [1] Group 2: Nasdaq Capital Market - Short interest in 1,634 securities on The Nasdaq Capital Market totaled 2,609,354,721 shares, down from 2,682,510,166 shares in the previous reporting period [2] - This represents an average daily volume of 1.00 day, compared to 1.12 days in the prior reporting period [2] Group 3: Overall Nasdaq Securities - Total short interest across all 4,777 Nasdaq securities reached 15,820,987,725 shares, an increase from 15,754,954,383 shares in the previous reporting period [3] - The average daily volume for this total is 1.52 days, down from 2.14 days in the prior reporting period [3] Group 4: Short Sale Definition - A short sale is defined as the sale of a security that the seller does not own or any sale consummated by the delivery of a borrowed security [4]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading activities [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

Core Insights - Tomas Riba is an economist and former CFO who focuses on investing in high-quality companies that can compound cash flow over the long term [1] - His investment journey began in 2007, and he has a background in accounting and finance [1] - Riba emphasizes a long-term investment approach, seeking companies with strong competitive advantages, growing industries, expanding margins, low debt, and aligned management [1] Company and Industry Focus - Riba has experience in various industries including pharma, medical devices, textiles, food, and real estate [1] - He currently teaches courses on "Derivatives for risk management" and "Investment analysis" at a Master's Degree program in Financial Management [1] - The focus on companies with strong fundamentals suggests a preference for sectors that demonstrate resilience and growth potential [1]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to consider their financial situation and needs before relying on the information provided [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to perform their own research and understand the risks involved before making investment decisions [1].