Futu, parent company of Moomoo, reports first quarter results with non-GAAP adjusted net income of $143.3 million, up 18% in the quarter

JERSEY CITY, NJ, May 28, 2024 /PRNewswire/ — Moomoo’s parent company, Futu Holdings Ltd. (“Futu” or the “Company”), a leading technology-enabled online brokerage and wealth management platform, announced its unaudited earnings for the first quarter of 2024. $331.3 million in revenue, growth 9.2% quarter on quarter (“quarter quarter”) i $143.3 million adjusted non-GAAP net income, representing a quarter-over-quarter increase of 18.0%.

The results highlighted the Company’s pre-eminence in Hong Kong, as well as its rapid development and growing recognition among global investors in the markets it has penetrated in recent years, including: Singapore, Malaysia, Japan, AustraliaUSA and Canada. In the first quarter, the number of new paying customers of the Company increased by 330.8% year-on-year (“YoY”) to 177,161, and average daily revenue transactions (DART) in the first quarter increased by 7.0% y/y to 549,854.

Thanks to its customer-centric strategy and commitment to providing technology-based solutions that can meet these demands is evolving investor needs, the Company celebrated both the popularity and durability of its platforms among global investors. At the end of the first quarter of 2024, the Company had 22.48 million users worldwide and 1.887 million paying customers, an increase of 12.3% and 23.5%, respectively, compared to the previous year. It also maintained a high customer retention rate of over 98% in the first quarter, and total customer assets reached $66.18 billion, up 11.2% year-over-year.

As we entered the second quarter, the Company continued to see strong momentum in its global expansion. In order to diversify products and services that meet the various needs of investors, the Company constantly introduced new offers, including expanding its Japanese share trading services to markets outside Japanstarting with Hong Kong AND Singapore in April. Committed to providing an advanced trading experience and increasing the accessibility and understanding of complex financial data, the Company has also entered into partnerships with leading organizations, including Nasdaq, to provide global investors with greater access to cutting-edge and reliable market data and insights on its platform to enable informed investment decisions .

The most important events related to market development:

Primacy IN Hong Kong

In the first quarter, Futubull, sister brand of moomoo, an online investment application for households Hong Kong, remained the most downloaded stock trading app (1) in the local market, and DART results in the first quarter reached a yearly high. In terms of weekly app downloads and daily active users (“DAU”), Futubull app also secured the top (2) spot among its competitors in Hong Kong in the first quarter. Moreover, the Company Hong Kong subsidiary Futu Securities was well ahead of others Hong Kong retail brokers in terms of trading volume (3), establishing a noteworthy lead.

Rapid growth in Southeast Asian markets – Singapore AND Malaysia

IN Singapore, moomoo continued to experience strong growth in its user base, account openings and customer acquisition in the first quarter. In April, the moomoo app celebrated one million users Singapore, which proves great trust and support of local investors. The latest data shows that over one third of the province’s inhabitants Singapore aged 20 to 70 (4) are moomoo users. Additionally, Moomoo Financial Singapore Pte. Ltd. introduced Moomoo Private Wealth in the first quarter and saw a 37.1% growth in AUM quarter-on-quarter for wealth management.

IN Malaysia, where moomoo has gained immense popularity for its technology-based features, tools and resources, Moomoo Securities Malaysia Sdn. Bhd’s (“Moomoo MY”) recorded over 100,000 Malaysian customers six weeks after launch February 26. The Moomoo app also quickly climbed to the number one position Malaysia most downloaded finance app (5) in April.

Expanding user base and growing transaction volume in Canada AND Japan

IN Canada AND Japanin which moomoo debuted September 2023the brand achieved new breakthroughs in the first quarter.

On March 26, Moomoo Financial Canada Inc. (“Moomoo Canada”) rang the bell at the opening of the Toronto Stock Exchange to celebrate its approval as a non-trading member of the TSX and TSXV, enabling moomoo to further develop its world-class products and services in the local market. Following this milestone, at the end of the first quarter, Moomoo Canada reported impressive sequential growth of 114% and 181% in quarterly registered customer acquisition and new accounts funded, respectively. IN Canada, moomoo was the most downloaded app in the Google Play Finance category in the first quarter. Based on consolidated data(6) collected from Google Play and Apple Store, moomoo was among the top three most downloaded stock trading apps in the first quarter.

IN Japan, moomoo recorded over 200% quarter-over-quarter growth in the number of registered customers at the end of the first quarter. Additionally, moomoo’s cumulative average rating on Google Play was the highest, beating the top five Japanese online brokerages (7). Meanwhile, moomoo ranked in the top three in terms of daily downloads in the stock trading app category at the end of the first quarter Japan (8).

Technological excellence confirmed on the US and Australian markets

In the USA and Australia, moomoo saw significant growth in customer assets in the first quarter, up 87% and 300% year-over-year, respectively. Additionally, moomoo has received numerous accolades for technological excellence.

In March, FinTech Breakthrough awarded moomoo its annual “Best Stock Trading App” award for 2024 for moomoo’s technology-driven capabilities that enable investors to stay up-to-date with investment opportunities and make informed decisions. Additionally, the K line pattern identification method used in the moomoo candlestick pattern feature has been patented by the United States Patent and Trademark Office (USPTO).

Meanwhile, in Australia, moomoo has won two prestigious MOZO Awards for 2024. The awards were given to moomoo in the “Online Share Trading Casual ASX Investor” and “Online Share Trading Casual ETF Investor” categories, confirming its leading position in online brokerage. Additionally, moomoo was recognized as “Best Investing Platform for Beginners” for the second time in the WeMoney Investment Awards for its efforts to break down barriers for novice investors.

(1) (2) (5) (6) (8) Source: Data.ai

(3) Source: TradegoCloud Hong Kong Integrated Broker Trading Ranking Monthly Reports

(4) According to the latest statistics from Singapore government, the number of inhabitants aged 20 to 70 years reached 2.94 million, as of today 29 September 2023. https://tablebuilder.singstat.gov.sg/table/TS/M810731#!

(7) The comparison is based on average stock trading app user ratings provided by five major online brokers in Japan on Google Play (including Kabucom Securities, SBI Securities, Matsui Securities, Monex Securities, Rakuten Securities), according to data.ai statistics from December 10, 2023Down March 22, 2024.

Oh moomoo

Moomoo is a leading global investing and trading platform committed to providing investors with user-friendly tools, data and insights. Our platform aims to provide essential information and technology, enabling users to make informed investment decisions. With advanced charting tools and professional analytical features, moomoo evolves with our users, creating a dynamic community where traders can share information, learn and grow together.

Founded in the USA, moomoo operates globally, serving investors in countries such as the USA, Singapore, Australia, Japan, Canada AND Malaysia. As a subsidiary of a Nasdaq publicly traded company, we are proud to be a global strategic partner of Nasdaq, earning numerous international accolades from renowned industry leaders such as Benzinga and Fintech Breakthrough. Moomoo has also received many awards in the US, SingaporeAND Australia for an innovative, inclusive approach to investing.

For more information, please visit moomoo’s official website at www.moomoo.com or email [email protected].

(PRNewsfoto/moomoo)

View original content to download multimedia: https://www.prnewswire.com/news-releases/moomoos-parent-company-futu-releases-q1-earnings-result-with-us143-3-million-in-non- gaap -adjusted-net-income-a-18-growth-qoq-302156630.html

SOURCE moomoo