The Nasdaq OMX Group reported its first results as a combined firm. The company had first quarter net income of US$121.4 million, up from US$18.3 million in the first quarter of 2007.

For the first quarter of 2008 net income on a pro forma non-GAAP basis was US$113.9 million (excluding the US$26.0 million pre-tax gain on the investment in Dubai International Financial Exchange), an increase when compared to pro forma non-GAAP net income of US$68.1 million for the combined firm in the first quarter of 2007.

Total revenues were US$918.2 million in the first quarter of 2008, an increase of 29.5% from US$709.1 million in the year-ago period, and up 10.4% from US$832 million reported in the fourth quarter of 2007.

“During the first quarter, our business continued to operate efficiently and effectively, punctuated by strong operating performance, successful integration efforts and our ongoing disciplined approach to managing our balance sheet,” says CFO David Warren. “In fact, based on the good start to the year and the better than expected results experienced in the roll out of our new technology road map, we are raising our expectations for fourth quarter 2008 synergy achievement to US$25 million to US$35 million in annual savings from US$20 million to US$30 million expected previously.”