Moomoo's Parent Company Futu Releases Q1 Earnings Result with US$143.3 Million in Non-GAAP Adjusted Net Income, a 18% Increase QoQ
JERSEY CITY, N.J., May 28, 2024 /PRNewswire/ -- Moomoo's parent company Futu Holdings Ltd. ("Futu" or "the Company"), a leading tech-driven online brokerage and wealth management platform, announced its unaudited Q1 2024 earnings with US$331.3 million in revenues, up 9.2% quarter-over-quarter ("QoQ") and US$143.3 million in non-GAAP adjusted net income, a QoQ increase of 18.0%.
The results were underscored by the Company's primacy in Hong Kong, as well as its rapid growth and increasing recognition among global investors in markets it penetrated in recent years, including Singapore, Malaysia, Japan, Australia, the US and Canada. In Q1, the Company's new paying clients grew by 330.8% year-over-year ("YoY") to 177,161, and its daily average revenue trades (DARTs) in Q1 increased 7.0% YoY to 549,854.
With its customer-centric strategy and commitment to providing tech-powered solutions to address evolving investor needs, the Company celebrated both popularity and stickness of its platforms among global investors. By the end of Q1 2024, the Company had amassed 22.48 million global users and 1.887 million paying clients, up 12.3% and 23.5% respectively, compared to the previous year. It also maintained a strong client retention rate at over 98% in Q1, with the total client assets achieving US$ 66.18 billion, up 11.2% YoY.
Entering into the second quarter, the Company continued to see strong momentum in its global expansion. To diversify products and services for various investor needs, the Company continuously launched new offerings, including extending its Japanese stock trading services to markets beyond Japan, starting with Hong Kong and Singapore in April. Committed to providing advanced trading experience and making complex financial data more accessible and understandable, the Company also signed partnerships with leading organizations, including Nasdaq, to provide global investors with expanded access to cutting-edge and reliable market data and insights on its platform for informed investment decision making.
Market Growth Highlights:
Primacy in Hong Kong
In Q1, Futubull, moomoo's sister brand, the household online investment app in Hong Kong, remained as the most downloaded stock trading app [1] in the local market, with its Q1 DARTs hit the highest level in a year. In terms of weekly app download counts and daily active users ("DAUs"), Futubull App also secured the first spot [2] among its competitors in Hong Kong in Q1. Moreover, the Company's Hong Kong subsidiary Futu Securities significantly outpaced other Hong Kong retail brokerages in trading volume [3], establishing a noteworthy lead.
Explosive Growth in Southeast Asia Markets - Singapore and Malaysia
In Singapore, moomoo continued to register strong growth in its user base, account openings and client acquisition in Q1. Entering into April, moomoo App celebrated its one million user milestone in Singapore, a testament to the strong trust and support by the local investors. The latest data shows that more than one third of residents in Singapore aged between 20 and 70 [4] are moomoo users. Additionally, Moomoo Financial Singapore Pte. Ltd. introduced Moomoo Private Wealth in Q1, and recorded a surge of 37.1% in AUM QoQ for its wealth management business.
In Malaysia, where moomoo has gained tremendous traction with its tech-powered features, tools and resources, Moomoo Securities Malaysia Sdn. Bhd's ("Moomoo MY") recorded over 100,000 Malaysian clients six weeks after its launch on February 26th. Moomoo app also swiftly ascended to the number one position as Malaysia's most downloaded financial app [5] in April.
Expanding User Base and Growing Trading Volume in Canada and Japan
In Canada and Japan, where moomoo debuted in September 2023, the brand achieved new breakthroughs in Q1.
On 26th March, Moomoo Financial Canada Inc. ("Moomoo Canada") rang the opening bell at the Toronto Stock Exchange to celebrate its approval as a TSX and TSXV non-trading member, which enables moomoo to further expand its world class products and services in the local market. Following this milestone, by the end of Q1, Moomoo Canada recorded impressive sequential growth of 114% and 181% in its quarterly registered client acquisition and number of new funded accounts, respectively. In Canada, moomoo was the most downloaded app in Google Play's finance category in Q1. Based on consolidated data[6] collected from Google Play and Apple Store, moomoo was among the top three most downloaded stock trading apps in Q1.
In Japan, moomoo reported over 200% QoQ increase in registered clients by the end of Q1. Additionally, moomoo's accumulative average rating on Google Play was the highest, beating the top five mainstream Japanese online stock brokerages [7]. Meanwhile, moomoo ranked Top 3 as the end of Q1 in terms of its daily download counts in the stock trading app category in Japan [8].
Technological Excellence Reaffirmed by The U.S. And Australia Markets
In the U.S. and Australia, moomoo recorded robust client assets growth in Q1, up 87% and 300% YoY, respectively. Additionally, moomoo received multiple recognitions for its technological excellence.
In March, FinTech Breakthrough recognized moomoo with its 2024 annual award of "Best Stock Trading App" for moomoo's tech-enabled capabilities that empower investors to stay abrest of investment opportunities and make informed decisions. Additionally, a method of K-line pattern identification that is applied to moomoo's Candlestick Pattern feature was granted a patent by the United States Patent and Trademark Office (USPTO).
Meanwhile, in Australia, moomoo won two prestigious MOZO awards for the year 2024. The awards were bestowed upon moomoo in the categories of "Online Share Trading Casual ASX Investor" and "Online Share Trading Casual ETF Investor", reaffirming its leading position in online brokerage. Additionally, moomoo was named "Best Investment Platform for Beginners" for the second time at the WeMoney Investment Awards, for its efforts in breaking down the barrier for entry-level investors.
[1] [2] [5] [6] [8] Source: Data.ai
[3] Source: TradegoCloud's Hong Kong Brokerage Integrated Trading Ranking Monthly Reports
[4] According to the latest statistic from Singapore government, the number of residents aged between 20 and 70 reached 2.94 million, accurate as at 29 September 2023. https://tablebuilder.singstat.gov.sg/table/TS/M810731#!
[7] The comparison is based on the average user ratings on stock trading apps provided by the five mainstream online brokers in Japan on the Google Play (including au Kabucom Securities, SBI Securities, Matsui Securities, Monex Securities, Rakuten Securities), according to data.ai statistics from December 10, 2023, to March 22, 2024.
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 or feel free to email: [email protected].
SOURCE moomoo
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