Futu, a NASDAQ-listed leading tech-driven online brokerage and wealth management firm, announced its unaudited Q1 results for the year 2021.
The total revenues for this quarter increased by 349% as compared to the same quarter last year and this marks the fifth consecutive quarter where it has achieved triple-digit growth in its revenue numbers.
The number of users reached 14.2 million which is an increase of 69.7% YoY while its trading volume increased to $289 billion which is an increase of 277.5% YoY. This shows the continued strong performance of the company even during times of the pandemic.
Mr. Leaf Hua Li, Futu’s Founder, Chairman, CEO & Chairman of the Technology Committee, said, “Our outperformed growth this quarter reflects an important milestone in Futu’s global expansion strategy and serves as a solid proof point in support of prioritizing our users’ needs. As the one-stop platform in connecting 14 million users and global financial markets, Futu never ceases to pursue a better investment experience with its relentless efforts in driving technology innovation across products and services offering, as well as extending the brand’s reach with licensing. For the next quarter, we will continue to execute our global expansion strategy, aiming to connect more individual investors, corporates and asset managers worldwide as the leading global platform cultivating interactions between the investor and capital markets communities.”
Another highlight of this surge in earnings is the fact that the increase happened in all the key segments which included the brokerage and handling charges, the interest income and other income which includes wealth management.
This shows that there was an all-round growth in the company rather than in a specific segment and this augurs well for the future of the company.
Constant improvement and innovation are key in the trading business and Futu has been achieving that through regular product updates. It made sure that it kept adding futures products from China, Hong Kong, the US and Singapore to give more choice to its customers and this way, it was also able to keep the trading volumes high.
The pandemic over the last year and a half has had its impact on the trading industry as well but the company has managed to overcome that by being aggressive on its growth, sales and technological updates and this is reflected in its quarterly results. Futu would hope to continue to build on these impressive results in the coming months as well.