Futu Holdings Reports Outstanding Q3 Results, Surpassing Milestones

Futu Holdings Demonstrates Strong Financial Performance

Moomoo's parent company, Futu Holdings Ltd. (Nasdaq: FUTU), recently announced impressive unaudited earnings for Q3 2024, reporting total revenues of US$442.3 million. This figure reflects a remarkable 29.6% increase compared to the previous year. Alongside the revenue growth, the company achieved non-GAAP adjusted net income of US$180 million, marking a 20.8% rise year-over-year. This consistent and strong growth highlights Futu's effectiveness as a tech-driven online brokerage in the global market.

User and Client Growth Signals Robust Strategy

Futu maintained its upward trajectory with over 24.1 million global users and nearly 2.2 million paying clients at the end of Q3, which signifies an increase of 14.4% and 33.1% respectively compared to last year. The company's total client assets reached an impressive US$89.2 billion, showcasing a significant surge from Q2 and reflecting a healthy 19.7% quarter-over-quarter and an astounding 48.1% year-over-year growth. This surge in user base and client asset value indicates successful strategies in newly penetrated markets.

Expanding Market Presence and Trading Volume

Trading activities on Futu's platforms illustrate the company's significant momentum, with the total trading volume soaring to US$245 billion, an increase of 17.4% from the previous quarter and 74.7% year-over-year. Futu's strength in stock trading activities underscores its value proposition to investors across various regions.

Strategic Advances in Stock Trading

Q3 was particularly notable for Futu’s stock trading, especially concerning US-based stocks, where global trading volumes experienced a 23% growth quarter-over-quarter and a striking 90% year-over-year increase. Key markets such as the US and Canada performed exceptionally well, translating into strong double-digit growth.

Continued Strength in Hong Kong Market

The Hong Kong stock trading landscape showed resilience, with substantial year-over-year growth, further establishing Futu's position as a leading digital brokerage. Participation in other stock markets, including Japan, Singapore, and Australia, also reflected positive trends, all experiencing notable gains.

Localized Strategies for Expanding Client Base

Futu is steadfast in its commitment to a localized strategy for market penetration, tailoring services and offerings to fit the needs of local investors. Noteworthy efforts in Q3 included the rollout of the Dividend Reinvestment Plan for US stocks and the launch of various fund products addressing the needs of Japanese and Malaysian investors. This hands-on approach has proven fruitful, with significant increases in paying clients across various markets.

Investing in Financial Literacy and Community Engagement

Moomoo's initiative, MooFest, served as a platform for fostering financial literacy, with near 10,000 investors participating in events across several countries. The company also emphasized enhancing client service solutions, including the expansion of its offline presence and the digital trading experience.

Innovations in Investment Offerings

To support local investors in accessing broader opportunities, Futu has expanded its transaction offerings significantly. This past quarter, Malaysia saw the introduction of trading for the Singapore Exchange and the Hong Kong Stock Exchange. Furthermore, both Hong Kong and Singapore launched crypto trading services—a testament to the company’s agile response to evolving market demands.

Assets Under Management Gaining Momentum

Futu's wealth management services accelerated this quarter, driving total assets under management to US$12.5 billion—an unprecedented 22% quarter-over-quarter growth. This ambitious trajectory underscores Futu's strategic expansion plans and its dedication to equipping investors with diverse investment avenues.

Future Outlook for Futu Holdings

With a solid foundation established in Q3, Futu is poised to maintain momentum into the upcoming quarters. The company has a clear focus on innovation and expansion, ultimately aiming to empower investors around the world as they pursue their financial ambitions.

About Moomoo

Moomoo is a global investment platform designed to enhance the investment experience. It offers an array of user-friendly tools, resources, and data that empower investors in their decision-making processes. With features such as advanced charting tools and analytical capabilities, Moomoo is constantly evolving to meet the needs of its users, fostering a collaborative community for sharing and growth.

Frequently Asked Questions

What financial results were reported by Futu Holdings?

Futu Holdings reported total revenues of US$442.3 million for Q3 2024, marking a 29.6% year-over-year increase.

How did Futu's user base change in Q3 2024?

The company saw its user base grow to over 24.1 million, with paying clients nearing 2.2 million at the end of the quarter.

What was the trading volume for Futu in Q3?

The total trading volume across Futu’s platforms reached US$245 billion, reflecting a 74.7% increase year-over-year.

What products or services did Futu launch in Q3?

Futu launched the Dividend Reinvestment Plan for US stocks and introduced various fund products catered to local investors in Japan and Malaysia.

What initiatives does Futu undertake to engage with local investors?

Futu organizes flagship investment events like MooFest to promote financial literacy and enhance community involvement among investors.

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