Nasdaq (NDAQ.O) surpassed revenue expectations in the first quarter, driven by robust demand for its financial technology products catering to traders and investors navigating the capital markets.

Revenue from Nasdaq’s financial technology unit surged by 71% to $392 million, while the index business witnessed a significant jump of 53%, reaching $168 million.

Adena Friedman, Nasdaq’s CEO, emphasized the resilience of their business model amidst uncertain environments, citing strong growth across the index and financial technology products.

Nasdaq’s expansion beyond trading and listing, focusing on anti-financial crime and compliance products, contributed to a more stable revenue stream. This strategic move follows an acquisition spree aimed at diversifying its technology portfolio.

Net revenue for the first quarter surged by 22% to $1.12 billion, slightly exceeding analysts’ average expectations. However, the adjusted profit of 63 cents per share missed analysts’ estimates by two cents.

While trading activity in U.S. equities witnessed a slowdown, Nasdaq’s focus on products and solutions helped mitigate the effects. U.S. equity matched shares volumes declined, alongside a decrease in equity options volumes.

Despite the overall positive performance, Nasdaq’s shares fell by 3.4% following the earnings call, reflecting broader market trends.

Total new listings on the Nasdaq Stock Market remained relatively stable, with a healthy pipeline of companies preparing to go public contingent upon sustained economic and market performance.

Overall, Nasdaq’s ability to adapt to evolving market conditions and diversify its revenue sources underscores its resilience and strategic foresight.