Nasdaq, Inc. (NASDAQ:NDAQ) shares rose more than 6% on Wednesday following the company’s reported Q2 results, with EPS of $2.07 coming in better than the Street estimate of $1.92. Revenue was $893 million, beating the Street estimate of $881.44 million.

According to the analysts at Oppenheimer, the beat was primarily driven by $11 million higher revenue in Market Services. Organic growth of the Solutions segment remained healthy at 12%, above the 6-9% medium-term target which the management still feels comfortable with. Annualized recurring revenue increased 9% year-over-year, representing 35% of ARR (up from 34% in Q1/22), and on track to reach the 40-50% objective in 2025.

The analysts believe the diversified business model has continued to serve the company well despite the challenging environment. The analysts reiterated their outperform rating and $197 price target.