Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq:
FUTU), a leading tech-driven online brokerage and wealth
management platform focusing on global investors, today announced
its unaudited financial results for the third quarter ended
September 30, 2021.
Third Quarter 2021 Operational Highlights
- Total number of paying
clients1 increased 179.2% year-over-year
to 1,167,204.
- Total number of registered
clients2 increased 119.9% year-over-year
to 2,580,002.
- Total number of users3
increased 58.6% year-over-year to 16.6 million.
- Total client assets increased 111.0%
year-over-year to HK$423.9 billion.
- Daily average client assets were HK$444.1
billion in the third quarter of 2021, an increase of 146.3% from
the same period in 2020.
- Total trading volume increased 33.1%
year-over-year to HK$1.4 trillion, in which trading volume for US
stocks was HK$680.5 billion, trading volume for Hong Kong stocks
was HK$605.8 billion, and trading volume for stocks under the Stock
Connect was HK$62.6 billion.
- Daily average revenue trades (DARTs)4
increased 52.2% year-over-year to 576,810.
- Margin financing and securities lending
balance increased 151.0% year-over-year to HK$31.7
billion.
Third Quarter 2021 Financial Highlights
- Total revenues increased 83.0% year-over-year
to HK$1,731.1 million (US$222.4 million).
- Total gross profit increased 91.6%
year-over-year to HK$1,463.8 million (US$188.0 million).
- Net income increased 53.1% year-over-year to
HK$615.2 million (US$79.0 million).
- Non-GAAP adjusted net income5 increased 58.5%
year-over-year to HK$646.1 million (US$83.0 million).
Mr. Leaf Hua Li, Futu’s Chairman and Chief
Executive Officer, said, “Despite challenging macro environment, we
recorded solid growth in paying clients and sequential improvement
in financial metrics during the third quarter of 2021.”
“We added approximately 166 thousand paying
clients. As of quarter end, total paying clients reached about 1.2
million, representing 179.2% year-over-year growth. Organic growth
continued to drive the bulk of our paying client addition – the
third quarter of 2021 marked our seventh consecutive quarter of
acquiring over half of our paying clients organically. Quarterly
paying client retention rate slipped slightly to 97% due to weak
market performance.”
“In Singapore, we continued to optimize our
client acquisition strategy by iterating on different client
incentives through various channels and tweaking our budget between
brand and performance marketing. We have observed higher retention
and robust asset inflow across cohorts, partially attributable to a
growing portfolio of product offerings in Singapore, including U.S.
IPO subscriptions, structured warrants, and fund products. In Hong
Kong, we remained the top-of-mind retail broker, with the
number of our Hong Kong users already constituted approximately
one-third of the Hong Kong adult population. Our growth strategy in
Hong Kong is to further penetrate into the young and tech-savvy
population, and tap into the demographics that are currently not
well represented in our client base through a series of targeted
marketing initiatives.”
“As of quarter end, total client assets were
HK$423.9 billion, representing a 111% year-over-year growth and
15.8% quarter-over-quarter decline. The sequential decline was due
to sharp market depreciation, partially offset by healthy net asset
inflow. Despite this challenging market backdrop, both total and
average client assets in Singapore increased sequentially, up 52.4%
and 11.5% respectively, thanks to robust asset inflow across client
cohorts. Total trading volume was HK$1.4 trillion, up 33.1%
year-over-year and 2.7% quarter-over-quarter.”
“As for our wealth management business, we
started distributing fund products for six new fund houses,
including Schroders and Carlyle, bringing our total asset
management partners to 56. Despite a sequential decline in total
client assets, assets in wealth management hit a record high of
HK$17.7 billion, up 132.4% year-over-year and 28.5%
quarter-over-quarter. Client assets in private funds jumped 135.0%
quarter-over-quarter as we onboarded attractive alternative funds
and launched online wealth management workshops for our
high-net-worth clients in collaboration with leading fund houses.
As of quarter end, over 115,000 clients, or about 10% of our total
paying clients, held wealth management positions.”
“Our enterprise business Futu I&E had 215
IPO and IR clients as well as 325 ESOP clients as of quarter end,
up 165.4% and 157.9% year-over-year. In the third quarter, a number
of leading new economy companies, including Pop Mart, BYD and JD
Health, opened enterprise accounts in our social community to share
business updates and interact with retail investors. As of quarter
end, over 700 companies have joined our ecosystem, including over
150 listed companies with market capitalization north of ten
billion Hong Kong dollars.”
1 The number of paying clients refers to the
number of clients with assets in their trading accounts with Futu.2
The number of registered clients refers to the number of users who
open one or more trading accounts with Futu.3 The number of users
refers to the number of user accounts registered with Futu.4 The
number of Daily Average Revenue Trades (DARTs) refers to the number
of average trades per day that generate commissions or fees.5
Non-GAAP adjusted net income is defined as net income excluding
share-based compensation expenses.
Third Quarter 2021 Financial Results
Revenues
Total revenues were HK$1,731.1 million (US$222.4
million), an increase of 83.0% from HK$946.2 million in the third
quarter of 2020.
Brokerage commission and handling charge income
was HK$933.4 million (US$119.9 million), an increase of 65.8% from
the third quarter of 2020. The increase was driven by the 33.1%
year-over-year growth in total trading volume and a higher blended
commission rate of 6.9 bps. Since most of our clients adopt the
commission-per-share pricing model for U.S. stock trading, a
decrease in the average share price of the stocks they trade
results in a higher blended commission rate. Higher contributions
from derivatives trading also supported commission rate
expansion.
Interest income was HK$631.7 million (US$81.1
million), an increase of 128.5% from the third quarter of 2020. The
increase in interest income was mainly driven by higher margin
financing and securities lending income, partially offset by
lower IPO financing interest income.
Other income was HK$166.0 million (US$21.3
million), an increase of 55.6% from the third quarter of 2020. The
increase was primarily due to increases in enterprise public
relationship service charge income and currency exchange service
income.
Costs
Total costs were HK$267.2 million (US$34.3
million), an increase of 46.7% from HK$182.1 million in the third
quarter of 2020.
Brokerage commission and handling charge
expenses were HK$125.5 million (US$16.1 million), an increase of
24.1% from the third quarter of 2020. The expenses didn’t grow in
tandem with brokerage commission and handling charges income due to
an upgraded service package with our U.S. clearing house.
Interest expenses were HK$74.3 million (US$9.5
million), an increase of 56.8% from the third quarter of 2020. The
increase was due to higher margin financing interest expenses and
higher expenses associated with our securities borrowing and
lending business. Interest expenses didn’t increase in line with
interest income as we increasingly shifted our funding mix towards
lower-cost funding sources.
Processing and servicing costs were HK$67.4
million (US$8.7 million), an increase of 100.6% from the third
quarter of 2020. The increase was primarily due to an increase in
cloud service fees to process a higher number of concurrent
trades.
Gross Profit
Total gross profit was HK$1,463.8 million
(US$188.0 million), an increase of 91.6% from HK$764.1 million in
the third quarter of 2020.
Gross margin was 84.6%, as compared to 80.8% in
the third quarter of 2020.
Operating Expenses
Total operating expenses were HK$763.8 million
(US$98.1 million), an increase of 136.6% from HK$322.8 million in
the third quarter of 2020.
Research and development expenses were HK$223.9
million (US$28.8 million), an increase of 49.5% from the third
quarter of 2020. The increase was primarily due to an increase in
research and development headcount to support new product
offerings, build U.S. clearing capabilities, and provide more
customized product experiences in international markets.
Selling and marketing expenses were HK$403.1
million (US$51.8 million), an increase of 262.5% from HK$111.2
million in the third quarter of 2020. The rising spending was
driven by higher branding and marketing expenses, especially in
Singapore and the U.S.
General and administrative expenses were
HK$136.8 million (US$17.6 million), an increase of 121.7% from the
third quarter of 2020. The increase was primarily due to an
increase in headcount for general and administrative personnel.
Net Income
Net income increased by 53.1% to HK$615.2
million (US$79.0 million) from HK$401.7 million in the third
quarter of 2020. Net income margin for the third quarter of 2021
was 35.5%.
Non-GAAP adjusted net income increased by 58.5%
to HK$646.1 million (US$83.0 million) from the third quarter of
2020. Non-GAAP adjusted net income is defined as net income
excluding share-based compensation expenses. For further
information, see "Use of Non-GAAP Financial Measures" at the bottom
of this press release.
Net Income per ADS
Basic net income per American Depositary Share
(“ADS”) was HK$4.00 (US$0.51), compared with HK$3.09 in the third
quarter of 2020. Diluted net income per ADS was HK$3.94 (US$0.50),
compared with HK$3.04 in the third quarter of 2020. Each ADS
represents eight Class A ordinary shares.
Conference Call and Webcast
Futu's management will hold an earnings
conference call on Wednesday, November 24, 2021, at 7:30 AM U.S.
Eastern Time (8:30 PM on the same day, Beijing/Hong Kong Time).
Please note that all participants will need to
pre-register for the conference call, using the link
http://apac.directeventreg.com/registration/event/4463569. It will
automatically lead to the registration page of "Futu Holdings Ltd
Third Quarter 2021 Earnings Conference Call", where details for
RSVP are needed. When requested to submit a participant conference
ID, please enter the number "4463569".
Upon registering, all participants will be
provided in confirmation emails with participant dial-in numbers,
Direct Event passcodes and unique registrant IDs to access the
conference call. Please dial in 10 minutes prior to the call start
time using the conference access information.
A telephone replay will be available after the
conclusion of the conference call through 7:59 AM U.S. Eastern
Time, December 1, 2021. The dial-in details are:
International: |
+61-2-8199-0299 |
US: |
+1-646-254-3697 |
Hong Kong: |
+852-3051-2780 |
Passcode: |
4463569 |
Additionally, a live and archived webcast of
this conference call will be available at
https://ir.futuholdings.com/.
About Futu Holdings Limited
Futu Holdings Limited (Nasdaq: FUTU) is an
advanced technology company transforming the investing experience
by offering a fully digitized brokerage and wealth management
platform. The Company primarily serves the emerging affluent
population, pursuing a massive opportunity to facilitate a
once-in-a-generation shift in the wealth management industry and
build a digital gateway into broader financial services. The
Company provides investing services through its proprietary digital
platform, Futubull and moomoo, each a highly integrated application
accessible through any mobile device, tablet or desktop. The
Company's primary fee-generating services include trade execution
and margin financing which allow its clients to trade securities,
such as stocks, warrants, options, futures and exchange-traded
funds, or ETFs, across different markets. Futu has also embedded
social media tools to create a network centered around its users
and provide connectivity to users, investors, companies, analysts,
media and key opinion leaders.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company
considers and uses non-GAAP adjusted net income, a non-GAAP
measure, as a supplemental measure to review and assess its
operating performance. The presentation of the non-GAAP financial
measure is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with U.S. GAAP. The Company defines non-GAAP adjusted
net income as net income excluding share-based compensation
expenses. The Company presents the non-GAAP financial measure
because it is used by the management to evaluate the operating
performance and formulate business plans. Non-GAAP adjusted net
income enables the management to assess the Company's operating
results without considering the impact of share-based compensation
expenses, which are non-cash charges. The Company also believes
that the use of the non-GAAP measure facilitates investors'
assessment of its operating performance.
Non-GAAP adjusted net income is not defined
under U.S. GAAP and is not presented in accordance with U.S. GAAP.
This non-GAAP financial measure has limitations as analytical
tools. One of the key limitations of using non-GAAP adjusted net
income is that it does not reflect all items of expense that affect
the Company's operations. Share-based compensation expenses have
been and may continue to be incurred in the business and is not
reflected in the presentation of non-GAAP adjusted net income.
Further, the non-GAAP measure may differ from the non-GAAP
information used by other companies, including peer companies, and
therefore their comparability may be limited.
The Company compensates for these limitations by
reconciling the non-GAAP financial measure to the nearest U.S. GAAP
performance measure, all of which should be considered when
evaluating the Company's performance.
For more information on this non-GAAP financial
measure, please see the table captioned "Unaudited Reconciliations
of Non-GAAP and GAAP Results" set forth at the end of this press
release.
Exchange Rate Information
This announcement contains translations of
certain HK dollars (“HK$”) amounts into U.S. dollars ("US$") at
specified rates solely for the convenience of the reader. Unless
otherwise stated, all translations from HK$ to US$ were made at the
rate of HK$7.7850 to US$1.00, the noon buying rate in effect on
September 30, 2021 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the HK$ or
US$ amounts referred could be converted into US$ or HK$, as the
case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. Among other things, the quotations from the management
team of the Company, contain forward-looking statements. Futu may
also make written or oral forward-looking statements in its
periodic reports to the SEC, in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including
statements about Futu's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Futu's goal and strategies; Futu's expansion plans;
Futu's future business development, financial condition and results
of operations; Futu's expectations regarding demand for, and market
acceptance of, its credit products; Futu's expectations regarding
keeping and strengthening its relationships with borrowers,
institutional funding partners, merchandise suppliers and other
parties it collaborate with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in Futu's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and Futu does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor inquiries, please contact:
Investor RelationsFutu Holdings Limitedir@futuholdings.com
FUTU HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands,
except for share
and per share
data)
|
As of December 31 |
|
As of September 30 |
|
2020 |
|
2021 |
|
2021 |
|
HK$ |
|
HK$ |
|
US$ |
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
1,034,668 |
|
2,082,051 |
|
267,444 |
Cash held on behalf of
clients |
42,487,090 |
|
60,311,093 |
|
7,747,090 |
Term deposits |
300,000 |
|
- |
|
- |
Securities purchased under
agreements to resell |
- |
|
10,000 |
|
1,285 |
Loans and advances (net of
allowance of HK$9,075 thousand and HK$11,890 thousand as of
December 31, 2020 and September 30, 2021) |
18,825,366 |
|
30,834,056 |
|
3,960,701 |
Receivables: |
|
|
|
|
|
Clients |
735,145 |
|
385,222 |
|
49,483 |
Brokers |
5,780,461 |
|
9,235,017 |
|
1,186,258 |
Clearing organizations |
1,243,928 |
|
1,127,726 |
|
144,859 |
Fund management companies and fund distributors |
297,622 |
|
130,555 |
|
16,770 |
Interest |
19,876 |
|
38,094 |
|
4,893 |
Prepaid assets |
11,422 |
|
23,534 |
|
3,023 |
Operating lease right-of-use
assets |
208,863 |
|
238,514 |
|
30,638 |
Other assets |
393,326 |
|
563,192 |
|
72,341 |
Total
assets |
71,337,767 |
|
104,979,054 |
|
13,484,785 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Amounts due to related
parties |
87,169 |
|
37,728 |
|
4,846 |
Payables: |
|
|
|
|
|
Clients |
46,062,842 |
|
64,385,941 |
|
8,270,513 |
Brokers |
4,533,581 |
|
3,678,571 |
|
472,520 |
Clearing organizations |
324,266 |
|
661,937 |
|
85,027 |
Fund management companies and fund distributors |
127,442 |
|
54,270 |
|
6,971 |
Interest |
5,493 |
|
13,644 |
|
1,753 |
Borrowings |
5,482,818 |
|
7,942,243 |
|
1,020,198 |
Securities sold under
agreements to repurchase |
5,453,037 |
|
4,911,507 |
|
630,894 |
Operating lease
liabilities |
222,231 |
|
254,027 |
|
32,630 |
Accrued expenses and other
liabilities |
731,198 |
|
1,463,404 |
|
187,977 |
Total
liabilities |
63,030,077 |
|
83,403,272 |
|
10,713,329 |
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Class A ordinary shares |
47 |
|
58 |
|
7 |
Class B ordinary shares |
38 |
|
38 |
|
5 |
Additional paid-in
capital |
6,960,369 |
|
17,892,965 |
|
2,298,390 |
Accumulated other
comprehensive income |
4,974 |
|
29,058 |
|
3,733 |
Retained earnings |
1,342,262 |
|
3,653,663 |
|
469,321 |
Total shareholders'
equity |
8,307,690 |
|
21,575,782 |
|
2,771,456 |
Total liabilities and
shareholders' equity |
71,337,767 |
|
104,979,054 |
|
13,484,785 |
|
|
|
|
|
|
FUTU HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except for share and per
share data)
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
September 30,2020 |
|
September 30,2021 |
|
September 30,2021 |
|
September 30,2020 |
|
September 30,2021 |
|
September 30,2021 |
|
HK$ |
|
HK$ |
|
US$ |
|
HK$ |
|
HK$ |
|
US$ |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Brokerage commission and handling charge income |
563,109 |
|
|
933,412 |
|
|
119,899 |
|
|
1,271,804 |
|
|
3,056,091 |
|
|
392,561 |
|
Interest income |
276,359 |
|
|
631,668 |
|
|
81,139 |
|
|
628,692 |
|
|
1,900,608 |
|
|
244,137 |
|
Other income |
106,704 |
|
|
165,970 |
|
|
21,319 |
|
|
223,882 |
|
|
555,812 |
|
|
71,395 |
|
Total
revenues |
946,172 |
|
|
1,731,050 |
|
|
222,357 |
|
|
2,124,378 |
|
|
5,512,511 |
|
|
708,093 |
|
Costs |
|
|
|
|
|
|
|
|
|
|
|
Brokerage commission and
handling charge expenses |
(101,146 |
) |
|
(125,460 |
) |
|
(16,116 |
) |
|
(228,320 |
) |
|
(484,462 |
) |
|
(62,230 |
) |
Interest expenses |
(47,357 |
) |
|
(74,319 |
) |
|
(9,546 |
) |
|
(120,672 |
) |
|
(321,286 |
) |
|
(41,270 |
) |
Processing and servicing
costs |
(33,558 |
) |
|
(67,439 |
) |
|
(8,663 |
) |
|
(104,791 |
) |
|
(183,463 |
) |
|
(23,566 |
) |
Total
costs |
(182,061 |
) |
|
(267,218 |
) |
|
(34,325 |
) |
|
(453,783 |
) |
|
(989,211 |
) |
|
(127,066 |
) |
Total gross
profit |
764,111 |
|
|
1,463,832 |
|
|
188,032 |
|
|
1,670,595 |
|
|
4,523,300 |
|
|
581,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
(149,842 |
) |
|
(223,905 |
) |
|
(28,761 |
) |
|
(351,178 |
) |
|
(534,692 |
) |
|
(68,682 |
) |
Selling and marketing
expenses |
(111,187 |
) |
|
(403,065 |
) |
|
(51,775 |
) |
|
(272,793 |
) |
|
(1,055,101 |
) |
|
(135,530 |
) |
General and administrative
expenses |
(61,741 |
) |
|
(136,782 |
) |
|
(17,570 |
) |
|
(159,496 |
) |
|
(311,147 |
) |
|
(39,968 |
) |
Total operating
expenses |
(322,770 |
) |
|
(763,752 |
) |
|
(98,106 |
) |
|
(783,467 |
) |
|
(1,900,940 |
) |
|
(244,180 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Others, net |
(6,763 |
) |
|
9,902 |
|
|
1,272 |
|
|
(15,125 |
) |
|
(9,691 |
) |
|
(1,245 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense |
434,578 |
|
|
709,982 |
|
|
91,198 |
|
|
872,003 |
|
|
2,612,669 |
|
|
335,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
(32,700 |
) |
|
(94,771 |
) |
|
(12,174 |
) |
|
(78,475 |
) |
|
(301,268 |
) |
|
(38,699 |
) |
Share of loss from equity
method investment |
(157 |
) |
|
- |
|
|
- |
|
|
(465 |
) |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
401,721 |
|
|
615,211 |
|
|
79,024 |
|
|
793,063 |
|
|
2,311,401 |
|
|
296,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders of the Company |
401,721 |
|
|
615,211 |
|
|
79,024 |
|
|
793,063 |
|
|
2,311,401 |
|
|
296,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
attributable to ordinary shareholders of the Company |
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.39 |
|
|
0.50 |
|
0.06 |
|
0.78 |
|
|
1.94 |
|
0.25 |
Diluted |
0.38 |
|
|
0.49 |
|
0.06 |
|
0.77 |
|
|
1.91 |
|
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS |
|
|
|
|
|
|
|
|
|
|
|
Basic |
3.09 |
|
|
4.00 |
|
0.51 |
|
6.24 |
|
|
15.50 |
|
1.99 |
Diluted |
3.04 |
|
|
3.94 |
|
0.50 |
|
6.16 |
|
|
15.26 |
|
1.96 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net income per
share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
1,041,524,160 |
|
|
1,229,645,101 |
|
1,229,645,101 |
|
1,016,459,235 |
|
|
1,192,527,761 |
|
1,192,527,761 |
Diluted |
1,056,692,991 |
|
|
1,247,110,187 |
|
1,247,110,187 |
|
1,029,682,530 |
|
|
1,212,191,974 |
|
1,212,191,974 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
401,721 |
|
|
615,211 |
|
79,024 |
|
793,063 |
|
|
2,311,401 |
|
296,903 |
Other comprehensive
income, net of Tax |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
(784 |
) |
|
21,130 |
|
2,715 |
|
(5,080 |
) |
|
24,084 |
|
3,094 |
Total comprehensive
income |
400,937 |
|
|
636,341 |
|
81,739 |
|
787,983 |
|
|
2,335,485 |
|
299,997 |
|
|
|
|
|
|
|
|
|
|
|
|
FUTU HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF NON-GAAP AND
GAAP RESULTS
(In thousands)
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
September 30,2020 |
|
September 30,2021 |
|
September 30,2021 |
|
September 30,2020 |
|
September 30,2021 |
|
September 30,2021 |
|
HK$ |
|
HK$ |
|
US$ |
|
HK$ |
|
HK$ |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
401,721 |
|
615,211 |
|
79,024 |
|
793,063 |
|
2,311,401 |
|
296,903 |
Add: share-based compensation
expenses |
5,987 |
|
30,879 |
|
3,966 |
|
18,052 |
|
64,295 |
|
8,259 |
Adjusted net income |
407,708 |
|
646,090 |
|
82,990 |
|
811,115 |
|
2,375,696 |
|
305,162 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP reconciling items have no income tax
effect.
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