$FUTU (-1.23%) Futu Holdings Limited reported earnings

Q3 FY2024 results ended September 30th 2024

- Revenue: $442.3M, +29.6% YoY

- Net income: $169.8M, +20.9% YoY

- EPS per ADS: $1.21 vs $1.01 in Q3 2023

- Total paying clients: 2.20M, +33.1% YoY

CEO Leaf Hua Li: "We acquired 154 thousand paying clients in the third quarter, up 138.0% year-over-year and flattish quarter-over-quarter. In the first nine months of the year, we acquired 487 thousand paying clients and we expect full year growth to comfortably exceed our guidance of 550 thousand, thanks to resilient growth in established markets and strong momentum in newer ones."

Revenue Breakdown:

- Brokerage commission: $196.8M, +51.5% YoY

- Interest income: $218.7M, +12.9% YoY

- Other income: $26.8M, +52.1% YoY

Other Metrics:

- Gross margin: 81.8% vs 83.5% in Q3 2023

- Operating margin: 50.4% vs 49.8% in Q3 2023

- Total client assets: $89.2B, +48.1% YoY

- Daily average client assets: $76.4B, +23.4% YoY

- Total trading volume: $244.6B, +74.7% YoY

Business highlights:

- Total registered clients reached 4.28M, +22.8% YoY

- Total users increased to 24.1M, +14.4% YoY

- Margin financing balance: $5.2B, +25.5% YoY

- Wealth management assets: $12.5B, +87.5% YoY

- IPO distribution and IR clients: 461, +17.9% YoY

- Strong growth in Hong Kong, Singapore and Malaysia markets

- Launched ETF-based robo-advisory service in Hong Kong and Singapore

Special Dividend:

- Declared special cash dividend of $2.00 per ADS

- Total dividend payment approximately $280M

- Record date: December 6, 2024

- Payment date: January 10, 2025

Forecast:

- Expected to exceed guidance of 550K new paying clients for full year

- Expanding product offerings in Malaysia with U.S. options trading and money market funds

- Continuing international market expansion