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JERSEY CITY, N.J. , Aug. 20, 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 Q2 2024 earnings with US$400.7 million in revenues, up 25.9% year-over-year ("YoY"), and US$166.0 million in non-GAAP adjusted net income, an 8.6% YoY increase.
The exceptional results demonstrated the Company's continuous growth and its rising recognition among global investors. By the end of Q2, the Company's global users reached 23.3 million, representing an increase of 13.3% YoY. The Company has also reached a milestone of two million paying clients, representing a growth of 28.8% YoY.
With its client-centric approach and continuous efforts to enhance the investment experience through cutting-edge solutions, the Company has increasingly earned the trust and loyalty of global investors through its proprietary platforms. Its client retention rate remained above 98% in Q2, with total client assets reaching US$74.2 billion, an increase of 11.9% quarter-over-quarter ("QoQ"). Furthermore, the Company's total trading volume saw a surge of 21.1% QoQ, reaching over US$207.7 billion.
Successes in Q2 were driven by the Company's robust stock trading activities, with US stock global trading volume and daily active revenue trades ("DARTs") both hitting one-year highs, while other stocks also saw rapid growth. Additionally, with its strategic focus on diversification, the Company has been expanding its offerings across markets and assets to enable global investors to unlock various opportunities. In Q2, the Company rolled out a variety of new offerings, including expanding Japanese stock trading to more markets and other initiatives. The Company also achieved noticeable success in bonds and funds, driving wealth management to surpass US$10 billion in assets under management ("AUM") during the quarter.
Double-Digit Growth Across Global Markets
This quarter, the Company continued to perform strongly across all its markets, highlighting the ongoing momentum of its international expansion. Moomoo reached a significant milestone in Singapore by surpassing one million users in April. The platform continued to see a steady increase in paying clients and led the market with double-digit sequential growth in client assets for eight consecutive quarters. Additionally, Canada, Japan, and Malaysia achieved remarkable progress since their inception. Each market experienced high double-digit QoQ growth in both account openings and paying clients, underscoring moomoo's rapidly expanding reach and appeal among local investors. The US and Australia recorded sustainable growth, with double-digit QoQ growth in client assets. In Hong Kong ("HK"), moomoo's sister brand Futubull remained as the leading position in the digital brokerage market, recording double-digit QoQ growth in deposits from paying clients and high-net-worth individuals.
Improved Stock Trading and Expanded Diversification Strategy
With the Company's diversification strategy, moomoo continually improved its comprehensive stock trading capabilities, achieving impressive results in Q2. This strong growth reinforced the Company's competitive edge in this asset class, further establishing moomoo and Futubull as trusted destinations for global stock investment.
In Q2, the Company improved its US stock trading capabilities by expanding its services and products. In April, moomoo entered a global strategic partnership with Nasdaq to further empower investors with advanced market data and insights. To meet increasing demand from local investors, moomoo launched US options trading in Australia, as well as recurring investment and fractional trading for US stocks in Australia and Malaysia. These improvements, combined with the bullish trend in US stocks, drove growth across seven markets. As a result, the Company's global US stock trading volume and DARTs reached a one-year high in Q2, with trading volume increasing by 84.1% YoY.
Additionally, the Company enhanced its capabilities beyond the US stock. In Singapore and HK, the Company responded to the increasing demand for Japanese equities by launching Japanese stock trading services in April. In Australia, moomoo officially became a CHESS-sponsored broker, providing a more localized and extra-secured trading experience. In Canada, moomoo expanded stock coverage by cooperating with a new local securities exchange, enabling investors to access more Canada listed companies. With these expansions and upgrades, the Company's stock trading activities surged, with Australian stock trading volume skyrocketing by 204% YoY, and Canadian stock up 106% QoQ. Malaysian stock trading volume also witnessed substantial growth since its launch in February this year.
Diversified Asset Classes Meet Various Investment Needs
As a one-stop platform to meet different investment needs, this quarter, the Company continued to build presence in new asset classes, with the aim to create a resilient and thriving investment ecosystem among global investors.
The Company's wealth management business also took a giant leap forward in Q2, surpassing a milestone of US$10 billion in AUM, up 83.6% YoY. Both funds and bonds experienced steady increases, with bond AUM rising by 23.4% QoQ. The money market funds maintained its popularity in Singapore and HK, experiencing significant growth in AUM.
To meet the needs of high-net-worth families and individuals, and provide more sophisticated wealth management solutions, the Company continued to enhance its family office services. This led to increased net deposits in the HK market and drove the growth of the Company's private wealth management business.
Furthermore, moomoo played a pivotal role in transforming the local investment landscape with innovative solutions. In Q2, moomoo expanded IPO and IR business into Malaysia to support Malaysian companies going public.
In the future, the Company will further streamline access and provide a unified platform for diverse investment opportunities worldwide, making investing a viable option for all.
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: pr@moomoo.com.
