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Nasdaq sees FY25 non-GAAP tax rate 22.5%-23.5%

The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,305 million to $2,335 million from the previous range of $2,295 million to $2,335 million. The company is updating its 2025 non-GAAP tax rate guidance by lowering the range to 22.5% to 23.5% due to certain discrete items that lowered the tax rate in the third quarter.

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