Futu Holdings Ltd. (FUTU) is a modernized tech-based business renovating investing opportunities by presenting an online brokerage and wealth managing portfolio. Its digital investing services platforms include Futubull and moomoo, accessible via any mobile device. Its embedded social media tools are utilized to create a network positioned around its clientele.
The price of FUTU stock during the early trading on March 11, 2022, was last noted to be $26.3 with a decrease of 14.21%.
FUTU: Key Financials
On March 11, 2022, FUTU released its consolidated financial statement of Q4 2021 ended December 31, 2021. Some highlights are stated here.
Revenue
Net revenues during the fourth fiscal quarter in 2021 were HK$1,602.8 million compared to the same quarter of 2020 when it was HK$1,186.4 million. The company recorded a gain of 35.1% in its net revenue YoY.
EPS
Net income per diluted American Depositary Shares in Q4 2021 was HK$498.8 million or HK$3.22 against HK$532.5 million or HK$3.83 in the corresponding period of 2020. The company’s net income decreased YoY by 6.3%.
FUTU: Events and Happenings
On February 10, 2022, FUTU reported the receipt of in-principal approvals by its subsidiary to be acknowledged as a Depository Agent of CDP. The subsidiary had also received an EFA status from the Singapore Monetary Authority.
On December 19, 2021, FUTU announced the effective acquisition of an Australian-based subsidiary holding an Australian Financial Services Licensing. On December 17, 2021, FUTU updated its stance on the media assumptions regarding PRC regulatory strategies. The company is fully committed to disclosing its developments on time that possibly harm its business operations and regulatory growth.
On December 16, 2021, FUTU informed the press about a contract with StoneCastle Insured Sweep, LLC for providing insured cash sweep amenities to the company’s brokerage customers. Its implementation took place in November 2021.
Conclusion
FUTU stock is 37% down year-to-date. The company’s stock plunged in the past year as the global economy was driving towards recession. Its stock dipped in Friday’s early trading session as the news of its financial statement was released. Although the company showed better results than the previous year, its stock dipped as it did not meet the analysts’ expectations.
