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Wasn't Landing The Facebook IPO Supposed To Make Money For The Nasdaq?

from the qualifiers dept

Cross-posted from
Dealbreaker

In a word, yes. In two words, yes, but

Nasdaq OMX Group Inc.’s (NDAQ) first-quarter earnings dropped 51%, weighed down by outlays related to the botched Facebook Inc. (FB) stock-market debut and acquisition-related charges.

In March, the exchange group sealed plans to pay out $62 million to compensate customers for technical errors in the May 2012 Facebook offering, and set aside $10 million in anticipation of settling a regulatory investigation into Nasdaq’s handling of the episode.

On the bright side, it totally won’t happen again. Unless and until it does.

The head of Nasdaq OMX Group Inc. said Wednesday that the exchange operator had made “great progress” in addressing the problems it had handling last year’s flotation of Facebook Inc….

Mr. Greifeld said in an interview that Nasdaq had improved the way the exchange develops its market software following recommendations by International Business Machines Corp., which it hired to review its internal systems after the problems with Facebook. Nasdaq also reorganized its technology management.

“When you think about what we’ve accomplished in the past year, it’s impressive,” Mr. Greifeld said.

Facebook Costs Hit Nasdaq’s Profit [Dow Jones via WSJ]
Nasdaq Cites Progress in Addressing Facebook Problems [WSJ]

Other posts from Dealbreaker:



Reader Comments (rss)

(Flattened / Threaded)

  1.  
    icon
    AzureSky (profile), Apr 26th, 2013 @ 3:46pm

    facebook sucks....

     

    reply to this | link to this | view in thread ]

  2.  
    identicon
    Anonymous Coward, Apr 27th, 2013 @ 6:03am

    KQHL HA

     

    reply to this | link to this | view in thread ]

  3.  
    identicon
    Anonymous Coward, Apr 29th, 2013 @ 9:07am

    Walled Garden

    Can't read the attached articles. Please give links to open sources, not paid, walled off articles on WSJ. Very frustrating to not be able to read deeper into the news you're commenting on.

     

    reply to this | link to this | view in thread ]


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