Futu Securities Announces 2Q 2020 Results: Net Income Up 310%
Revenue, gross profit, and net income all grew over 150% YoY in the second quarter of 2020.
Futu Securities has released the financial results for the second quarter of 2020. During the three-month period, it posted 165% and 310% year-over-year increases on revenue and net income, reaching the figures of USD 88.70 million and USD 31.30 million respectively. The revenue comes from commissions and fees going up year-over-year 235% to USD 52.80 million. The total client assets were reported 108% higher to near USD 20 billion.
Futu is an online securities company that provides online transaction support on products in Hong Kong and US stock markets and asset management to retail investors, and some to-B elements services such as IPO and employee stock ownership plan (ESOP). The company has products targeting the clients in mainland China and Hong Kong, as well as ones focused on US local customers.
The company has been held by Tencent with a 30% stake, and its stock started trading in March 2019 on Nasdaq under the ticker of FUTU. After the performances released early on August 13, the stock price jumped up over 4% in the pre-market.