(Bloomberg) -- Nasdaq Inc., operator of the technology-heavy stock exchange, posted record revenue that beat analysts’ expectations. 

Fourth-quarter revenue climbed 12% from a year earlier to $885 million, exceeding the $867.8 million average estimate of 10 analysts surveyed by Bloomberg, according to a statement Wednesday. The increase comes as the company looks to secure its spot as a top equity trading and listing business, while expanding its technology, data and analytics offerings. Full-year revenue rose 18% to $3.42 billion. 

The company is “primed to capture secular growth opportunities as we continue to play our part in increasing investor participation, optimizing capital formation and driving efficiency and resiliency in the global financial system,” Chief Executive Officer Adena Friedman said in the statement. 

Nasdaq shares have gained about 23% in the past 12 months. 

The exchange operator said it handled nine of the 10 largest U.S.-based initial public offerings measured by capital raised last year. Nasdaq listed 1,000 new companies in 2021, including 752 IPOs, the company said.

It also led the U.S. options market, setting an annual record of 12.8 million average daily number of contracts traded in 2021, up 25% from the previous year.

Also in Nasdaq’s fourth-quarter results:

  • Solutions segments revenue was $581 million, up 19% from the same period a year earlier.
  • Market services net revenue came in at $303 million, up 5% year-over-year.
  • Annual recurring revenue was $1.87 billion, up 19%.
  • Non-GAAP diluted earnings per share were $1.93. Adjusted earnings were expected to total $1.78 a share, the average estimate in a Bloomberg survey.
  • The company is initiating its 2022 non-GAAP operating expense guidance in a range of $1.68 billion to $1.76 billion.
  • Nasdaq expects its 2022 non-GAAP tax rate to be in the range of 24% to 26%.

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