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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]