JERSEY
CITY, N.J., Nov. 19,
2024 /PRNewswire/ -- Moomoo's parent company Futu
Holdings Ltd. ("Futu" or "the Company") (Nasdaq: FUTU), a leading
tech-driven online brokerage and wealth management platform,
announced its unaudited Q3 2024 earnings with US$442.3 million in revenues, up 29.6%
year-over-year ("YoY"), and US$180
million in non-GAAP adjusted net income, a 20.8% YoY
increase.
The Company maintained robust growth, with its global users
reaching over 24.1 million and paying clients approaching 2.2
million by the end of Q3, representing an increase of 14.4% YoY and
33.1% YoY, respectively. Total client assets accelerated
significantly compared to Q2, reaching US$89.2 billion with a rise of 19.7%
quarter-over-quarter ("QoQ") and 48.1% YoY. Growth in newly
penetrated markets was particularly strong in this quarter.
Japan, Canada, and Malaysia saw double-digit QoQ increases in
account openings, paying clients, as well as client assets.
The Company's strong quarterly result was also reflected in the
trading activities across its platforms, with the total trading
volume increasing to US$245 billion,
up 17.4% QoQ and 74.7% YoY.
Strong stock trading momentum across seven markets
Q3 marked another robust quarter for the Company's stock trading
activities, particularly in US stocks. Global trading volume for US
stocks grew by 23% QoQ and 90% YoY, with the US, Canada, and Malaysia recording high double-digit QoQ
growth in this asset class. Hong
Kong ("HK") stock trading volume showed resilience in Q3
with a double-digit YoY increase, reinforcing the Company's
position as HK's No.1 digital brokerage. Trading volume in other
stock markets, including Japan,
Singapore, Malaysia, Canada, Australia and China A-shares via Stock
Connect, also displayed noticeable growth, with each delivering a
double-digit QoQ increase.
At the end of Q3, as Chinese assets attracted substantial global
capital inflows, the Company's platforms experienced a significant
surge in trading activities in HK stocks and China A-shares via
Stock Connect. Entering into Q4, the Company will continue
consolidating its one-stop investment platforms, enabling its
clients to swiftly respond to and capitalize on market
opportunities.
Deepened localization strategy to drive market growth
In its global expansion, the Company remains committed to a
localized market strategy, tailoring its offerings and services to
address the needs of local investors. In Q3, the Company launched
the Dividend Reinvestment Plan for US stocks in Australia, catering to local investors'
preferences. In response to growing demands in Japan and Malaysia for diversified investment options,
the Company introduced fund products for local investors in both
markets.
Such a deepened localization strategy has propelled strong
business growth. The Company achieved growth in paying clients
across all seven markets, with double-digit QoQ increases in
Japan, Canada, Malaysia, and Australia. Malaysian users, in particular,
exceeded half a million within just seven months since the brand's
inception, establishing moomoo as an emerging force in the local
financial services market. Client assets also surged in each of the
seven markets, with high double-digit QoQ growth in Malaysia and Canada and triple-digit YoY growth in the US,
Singapore, and Australia.
To strengthen connections with local investment communities and
promote financial literacy, moomoo brought its flagship investment
event, MooFest, to Singapore,
Malaysia, and Japan in Q3, drawing the participation of
nearly 10,000 investors. In HK, the Company continued to improve
client services and trading experience by expanding its offline
store network and upgrading online account services.
Expanding offerings to connect local investors with global
opportunities
This quarter, the Company continuously broadened its offerings
to help investors unlock new opportunities. In Malaysia, moomoo expanded access to the
Singapore Exchange, Hong Kong Stock Exchange, and introduced China
A-Shares via Stock Connect, connecting local investors to a wider
range of global assets. Moomoo Malaysia was the first licensed
brokerage to offer US options trading in the country. In
Japan, moomoo has been
strengthening its platform and now leads the market as the primary
online broker offering the most US stocks in 24/5 trading hours. HK
and Singapore launched
crypto trading services in Q3 and received positive
feedback throughout the quarter.
The global expansion of the wealth management business also
accelerated, driving total assets under management to US$12.5 billion, with record-breaking QoQ growth
of 22%.
Building on strong momentum, the Company will continue its
expansion and innovation in Q4 and beyond, aiming to further
enhance its capabilities and services to empower investors
worldwide to achieve their financial goals.
About moomoo
Moomoo is a leading global investment and trading platform
dedicated to empowering investors with user-friendly tools, data,
and insights. Our platform is designed to provide essential
information and technology, enabling users to make well-informed
investment decisions. With advanced charting tools, pro-level
analytical features, moomoo evolves alongside our users, fostering
a dynamic community where investors can share, learn, and grow
together.
Founded in the US, moomoo operates globally, serving investors
in countries such as the US, Singapore, Australia, Japan, Canada
and Malaysia. As a subsidiary of a
Nasdaq-listed company, we take pride in our role as a global
strategic partner of the Nasdaq, earning numerous international
accolades from renowned industry leaders such as Benzinga and
Fintech Breakthrough. Moomoo has also received multiple awards in
the US, Singapore, and
Australia for its cutting edge,
inclusive approach to investing.
For more information, please visit moomoo's official website at
www.moomoo.com
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