Stock Groups

Futu Falls After Fourth Quarter Earnings, Revenue Miss -Breaking

by Mike Robinson

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Sam Boughedda

Investing.com — Futu Holdings Ltd (NASDAQ: shares fell 10% Friday after reporting earnings before the bell that missed earnings expectations. 

In the fourth quarter, online broker and wealth management platform posted revenue of $205 million. Adjusted net income was $68.4million. Earnings per share adjusted were 42c. Analyst expectations were not met for both revenue and earnings.

Company’s handling fee income and brokerage commission rose by 19.3%, to $109.9M. Interest income increased by 83.3%, to $79.2M.

Other income which include wealth management services and corporate services was 2.2% lower than last year to $16.4 millions.

Futu users increased by 45.8% over the past year to 17.40 millions at the close of quarter. The total number registered clients increased by 93.8% over the year to 2.75million, while the number of paid clients grew 140.8% to 1.24million.

In the fourth quarter, total volume of trading was $157.2 million

Futu owns Moomoo investing platform and is supported by Sequoia Capital Venture Capital affiliates Tencent and Tencent. Futu also stated that Moomoo increased its visibility on markets like the U.S.A and Singapore during 2021.

The company lost more than 10% in shares following the report. This was on top of its loss over the past 12 months. Its low point reached $24.05

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