CORRECTED - UPDATE 1-Nasdaq OMX profit up 23 percent, beats Street

(Corrects change in headline -- up 23 percent instead of down)

* Q4 EPS 46 cents ex-items; Wall St view 45 cents

* Revenue slips 8 percent to $369 million.

NEW YORK, Feb 8 (Reuters) - Nasdaq OMX Group Inc (NDAQ.O) reported a 23 percent rise in quarterly profit even as the U.S.-based exchange operator suffered from sluggish trading and eroding market share, but the results narrowly beat Wall Street expectations.

The Nasdaq Stock Market parent company is very sensitive to myriad planned changes to market regulation. "Changing dynamics of our industry are providing numerous growth opportunities," it said on Monday.

Nasdaq OMX, which runs equities and derivatives venues in the United States and Northern Europe, said it had earned $43 million in the fourth quarter, up from $35 million a year earlier.

Excluding one-time items, the figure closely watched by analysts, profit fell to 46 cents per share from 52 cents.

Revenue fell 8 percent to $369 million.

Analysts on average expected the company to earn 45 cents per share on $365 million in revenue, according to Thomson Reuters I/B/E/S. (Reporting by Jonathan Spicer; Editing by Lisa Von Ahn)