FUTU - Futu Holdings Q1 earnings beat; expands Southeast Asia presence

2023-05-24 11:28:52 ET

Futu Holdings Limited ( NASDAQ: FUTU ) delivered first-quarter earnings and revenue on Wednesday that surpassed consensus estimates and climbed from the year before, thanks in part to equity market appreciation during the quarter.

Also, the Hong Kong-based online brokerage said Futu Malaysia Sdn. Bhd., its wholly-owned Malaysia subsidiary, has received approval-in-principle for a Capital Markets Services License from the Securities Commission Malaysia, thus bolstering its presence in the Southeast Asian market.

Q1 earnings per ADS of HK$8.44 (US$1.08), exceeded the average analyst estimate of HK$6.73 and increased from HK$3.85 in the year-ago quarter.

Total revenue of HK$2.50B, topping the HK$2.10B consensus, advanced from HK$1.64B a year earlier.

FUTU gained 1% in late morning trading.

Operating expenses totaled HK$804.1M, up from HK$748.3M in Q1 of last year.

On a Y/Y basis, total trading volume in fell 7.8% to HK$1.2T, in which trading volume for U.S. stocks was HK$827.6B, trading volume for Hong Kong stocks was HK$372.2B, and trading volume for stocks under the Stock Connect was HK$20.0B.

More on Futu Holdings

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• Futu Holdings stock slips after J.P. Morgan downgrades to Neutral

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