NYSE Earnings Down More Than 50 Percent in Quarter

The New York Stock Exchange (search) said on Monday its earnings fell by more than 50 percent in the second quarter, as legal expenses rose amid a continued battle over its former chairman's pay package.

In a statement, the exchange reported said net income fell to $5.4 million in the second quarter, from $11.6 million in the comparable year ago quarter. Revenues rose by 1 percent, to $273 million from $270.2 million in the year ago quarter.

Meanwhile, expenses during the quarter jumped by 6.4 percent to $268.3 million, the Big Board said, citing "increased spending in professional services -- in particular legal expenses -- and advertising."

The exchange is embroiled in a legal battle with former chairman Richard Grasso (search), who resigned under pressure over a $188 million pay package.