(Bloomberg) -- Nasdaq Inc.’s profit fell the most in 14 years as firms continue to wait for the economy to stabilize before going public. 

Earnings fell 8.7% to 63 cents a share, the company said in a statement, below an expected 65 cents — that makes it the worst contraction since the first quarter of 2010. Revenue from Nasdaq’s data and listing segment, which houses its trading exchanges, was largely flat from a year ago and also fell short of projections. 

Just 27 companies went public on the exchange in the first three months of this year, down from 40 in the same time last year. Nasdaq’s pipeline of listings to come has also nearly halved to 80 from 147 this time last year. The end of the year is usually the busiest time for initial public offering commitments.

Companies remain wary of going public as wars in Ukraine and Israel add to uncertainty around when the Federal Reserve will cut interest rates, while new data Thursday showed the US economy slowed significantly in the first quarter as consumer and government spending cooled amid a pickup in inflation. Those concerns appear to be outweighing recent successful debuts like Reddit, which is up about 25% since its IPO in March.

Nasdaq’s shares slid as much as 5.5% in New York, the most since June last year. They were up nearly 6% this year as of Wednesday’s close.

Its Thursday earnings statement notably lacked any commentary on IPOs for the first time since the third quarter of 2022.

The exchange operator usually touts its “listings leadership” in the US, but this quarter won just 69% of eligible US listings compared to 91% a year ago. 

Thursday’s results instead focused on its pivot to steadier and more predictable revenue streams, though the sluggish revival also dampens its ability to sell those products.

“The sustained organic growth against a turbulent capital markets backdrop is a testament to the effective competitive position of the company today,” Chief Executive Officer Adena Friedman said in the statement.

Annualized recurring revenue — a measure of subscription sales — grew by 5% excluding recent acquisitions, driven by 12% growth in Nasdaq’s financial crime and regulatory products. The company also raised its full year operating expense guidance to reflect more technology investments.

Overall trading volume on Nasdaq’s exchanges was flat year-on-year for a second consecutive quarter.

“It was not a great result given the top-line misses and we would not be surprised to see the stock under some pressure,” Citigroup analyst Christopher Allen wrote in a note following results.

(Updates throughout including pipeline in third paragraph, listing share in paragraph seven, and analyst note in last paragraph.)

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