Futu Holdings Ltd. Reports Strong Q1 Earnings Growth
June 1, 2024, 9:36 am
FinTech Breakthrough Awards
Location: United States, California, Los Angeles
Employees: 11-50
Founded date: 2014
A deep dive into Futu Holdings Ltd.'s impressive Q1 earnings report, showcasing their rapid growth and expanding global presence.
Futu Holdings Ltd., the parent company of popular online brokerage platform Moomoo, recently announced their unaudited Q1 2024 earnings, revealing a substantial increase in revenues and non-GAAP adjusted net income. With revenues reaching US$331.3 million, up 9.2% quarter-over-quarter, and non-GAAP adjusted net income of US$143.3 million, a significant 18.0% increase from the previous quarter, Futu showcased their strong financial performance.
The Company's success in Hong Kong, as well as its growing presence in markets like Singapore, Malaysia, Japan, Australia, the US, and Canada, has been a key driver of their impressive results. With a 330.8% year-over-year growth in new paying clients and a 7.0% increase in daily average revenue trades, Futu's customer-centric approach and commitment to providing tech-powered solutions have resonated with global investors.
By the end of Q1 2024, Futu had amassed 22.48 million global users and 1.887 million paying clients, marking a 12.3% and 23.5% increase respectively compared to the previous year. Their strong client retention rate of over 98% and total client assets of US$66.18 billion further solidify their position in the market.
Continuing their momentum into the second quarter, Futu has been focused on expanding their product offerings and services to cater to the evolving needs of investors. By extending their Japanese stock trading services to markets beyond Japan and forging partnerships with organizations like Nasdaq, Futu is committed to providing advanced trading experiences and reliable market data to empower informed investment decisions.
The Company's market growth highlights include their primacy in Hong Kong, explosive growth in Southeast Asia markets like Singapore and Malaysia, and expanding user base and growing trading volume in Canada and Japan. Additionally, their technological excellence has been reaffirmed by the US and Australia markets, with multiple awards and recognitions for their innovative approach to online brokerage.
Overall, Futu Holdings Ltd.'s strong Q1 earnings report underscores their position as a leading tech-driven online brokerage platform with a global footprint. As they continue to innovate and expand their offerings, Futu is well-positioned to capitalize on the evolving needs of investors and maintain their growth trajectory in the competitive financial landscape.
Futu Holdings Ltd., the parent company of popular online brokerage platform Moomoo, recently announced their unaudited Q1 2024 earnings, revealing a substantial increase in revenues and non-GAAP adjusted net income. With revenues reaching US$331.3 million, up 9.2% quarter-over-quarter, and non-GAAP adjusted net income of US$143.3 million, a significant 18.0% increase from the previous quarter, Futu showcased their strong financial performance.
The Company's success in Hong Kong, as well as its growing presence in markets like Singapore, Malaysia, Japan, Australia, the US, and Canada, has been a key driver of their impressive results. With a 330.8% year-over-year growth in new paying clients and a 7.0% increase in daily average revenue trades, Futu's customer-centric approach and commitment to providing tech-powered solutions have resonated with global investors.
By the end of Q1 2024, Futu had amassed 22.48 million global users and 1.887 million paying clients, marking a 12.3% and 23.5% increase respectively compared to the previous year. Their strong client retention rate of over 98% and total client assets of US$66.18 billion further solidify their position in the market.
Continuing their momentum into the second quarter, Futu has been focused on expanding their product offerings and services to cater to the evolving needs of investors. By extending their Japanese stock trading services to markets beyond Japan and forging partnerships with organizations like Nasdaq, Futu is committed to providing advanced trading experiences and reliable market data to empower informed investment decisions.
The Company's market growth highlights include their primacy in Hong Kong, explosive growth in Southeast Asia markets like Singapore and Malaysia, and expanding user base and growing trading volume in Canada and Japan. Additionally, their technological excellence has been reaffirmed by the US and Australia markets, with multiple awards and recognitions for their innovative approach to online brokerage.
Overall, Futu Holdings Ltd.'s strong Q1 earnings report underscores their position as a leading tech-driven online brokerage platform with a global footprint. As they continue to innovate and expand their offerings, Futu is well-positioned to capitalize on the evolving needs of investors and maintain their growth trajectory in the competitive financial landscape.