Nasdaq is reporting lower first quarter results for the period ending March 31.

Net income for the quarter was $21.3 million as compared to $26.2 million in the first quarter of 2001 (all amounts in US dollars), a decrease of 18.7%. The fall in earnings came despite a drop in expenses, which, for the quarter, were $172.6 million versus $180.7 million in the first quarter of 2001. Revenue dropped to $211.3 million versus $222.8 million in the first quarter of 2001, a decrease of 5.2%.

The exchange noted that the first quarter reflected both Nasdaq’s response to less robust markets and a continuation of its investment in the soon-to-be launched SuperMontage trading platform.

“While the economic environment remains challenging and competition intense, we remain focused on the launch of SuperMontage, the continued roll-out of Primex, and further refinement of our operating structure, emphasizing cost control, particularly in the discretionary expense lines,” noted Wick Simmons, chairman and CEO of Nasdaq.