Stock Alert: Futu Holdings Up 7% After Q1 Profit Jumps

Shares of Futu Holdings Limited, an online brokerage and wealth management platform in China, are rising more than 7 percent or $0.92 in Thursday's morning trade at $13.20 after reporting a surge in profit for the first quarter from last year. The stock has traded in a range of $8.16 to $14.20 in the past 52 weeks.

Thursday, Futu Holdings said its first-quarter net income more than tripled to HK$154.9 million, or $20.0 million, from HK$45.5 million in the year-ago period. Net income per ADS was HK$1.22, or $0.16, up from HK$0.29 in the prior-year quarter.

Adjusted net income also more than tripled to HK$160.6 million, or $20.7 million, from HK$49.3 million in the year-ago quarter. Total revenues for the quarter surged to HK$490.6 million or $63.3 million, from HK$236.4 million a year ago.

Futu said it added 40,154 paying clients on a net basis in the quarter, bringing its total number of paying clients to 239 thousand, up 60 percent year-over-year. The company noted that this is its highest paying client growth rate since the first quarter of 2019. Hong Kong paying clients again achieved a significant growth rate of 97 percent year-over-year.

For comments and feedback contact: editorial@rttnews.com

Business News

Get Access to Premium Stock Alerts with RTT Intelligent Investor.
Editors Pick
MTD Products Inc. is recalling 1,774 units of walk-behind self-propelled lawn mowers for potential risk of fire hazard, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. The company said the lawn mower can leak fuel when it is stored in the upright (vertical) storage position to pose a fire hazard. Nike Inc. announced its plans to exit the Russian market completely following Russia's ongoing war against Ukraine, reports said. The sportswear major, with more than 100 stores in the country, had suspended operations there in March. Earlier in March, while suspending operations temporarily, the company had said its customers that it couldn't guarantee product shipments. The U.S. Food and Drug Administration unveiled its action plan to advance drug development for rare neurodegenerative diseases, including Amyotrophic Lateral Sclerosis or ALS, in five years. The FDA plans specific actions such as regulatory science initiatives, enhancements to existing programs and new policy initiatives for the purpose. It will use public-private partnerships...
Follow RTT