Nasdaq sets 3-for-1 stock split; adj. profit beats target

Nasdaq Inc. said Wednesday it plans to include a measure in its annual meeting on June 22 to issue a dividend of two shares for every share held in the company in a 3-for-1 stock split. The Nasdaq also said it plans to hike its quarterly dividend by 11% to 60 cents a share payable on June 24 to shareholders of record as of June 10. Separately, Nasdaq said its first-quarter profit fell to $284 million, or $1.70 a share, from $298 million, or $1.78 a share in the year-ago period. Adjusted profit totaled $1.97 a share in the latest quarter. Revenue fell to $1.54 billion from $1.65 billion, while net revenue less transaction-based expenses rose to $892 million from $851 million. Analysts were looking for earnings of $1.95 a share and net revenue of $892.5 million, according to a FactSet survey. Shares of Nasdaq rose 0.1% in premarket trades. The stock is down 13.8% in 2022 compared to a drop of 13% by the Nasdaq composite .

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