Hong Kong-based on-line brokerage Futu Holdings Restricted (Nasdaq: FUTU) introduced its second-quarter outcomes immediately (Tuesday), surpassing analyst expectations and prompting a rise to its full-year outlook.
The corporate reported a 25.9% year-over-year (YoY) enhance in whole revenues to $400.7 million), pushed by robust development throughout its key enterprise segments. Web earnings rose 8.0% to $154.9 million, whereas non-GAAP adjusted internet earnings grew 8.6% to $166.0 million.
This additionally marks a rise in comparison with the primary quarter of the present yr, when internet revenue stood at $132.3 million, and revenues amounted to $331.3 million.
Futu’s consumer base continued to broaden quickly, with paying purchasers rising 28.8% YoY to 2.04 million. The corporate added 155,000 new paying purchasers in Q2, representing a 167.8% enhance from the identical interval final yr.
Leaf Hua Li, Futu’s Chairman and CEO
“Given the robust year-to-date momentum, we wish to increase our steerage once more to 550 thousand new paying purchasers in 2024,” stated Leaf Hua Li, Futu’s Chairman and CEO. This marks the second upward revision to the corporate’s full-year steerage.
Regardless of the robust top-line development, Futu’s working margin declined to 47.3% from 50.6% within the year-ago quarter, primarily as a result of elevated working bills as the corporate invested in analysis and growth and advertising to help its development initiatives.
Different Metrics Additionally Up
Whole consumer property reached a file HK$579.3 billion, up 24.3% YoY and 11.9% quarter-over-quarter, buoyed by strong internet asset inflows and favorable market situations. The corporate’s margin financing and securities lending stability hit an all-time excessive of HK$43.8 billion, reflecting elevated consumer threat urge for food.
Buying and selling quantity surged 69.0% YoY to HK$1.62 trillion, with US shares accounting for the lion’s share at HK$1.24 trillion. The corporate benefited from heightened buying and selling exercise in AI-themed shares and meme shares.
Futu’s growth into new markets confirmed promising outcomes, with Hong Kong and Singapore each recording double-digit sequential development in new paying purchasers. The corporate just lately launched cryptocurrency buying and selling in these markets to diversify its choices.
The agency has additionally invested in Gravitation Fintech HK Restricted, the mother or father firm of Airstar Financial institution, a licensed digital financial institution in Hong Kong. After a HK$440 million funding, the corporate holds an oblique 44.11% stake in Airstar Financial institution.
