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Hong Kong-based online broker Futu beats earnings expectations, as COVID-19 has had little effect
Futu Holdings Ltd. reported Wednesday fourth-quarter revenue that rose well above expectations, as the Hong Kong-based digitized brokerage company benefited from its new mutual fund distribution business and an "active" IPO market. Net income rose to HK$43.9 million ($5.6 million), or HK35 cents a share, from HK$38.2 million a year ago. The FactSet consensus was for HK20 cents a share. Revenue grew 37% to HK$310.9 million ($39.9 million), as brokerage commission and handling charge income rose 34%, interest income increased 24.5% and other income nearly tripled (up 186%). "Given that our business is 100% online, our operating metrics haven't demonstrated much negative impact from the outbreak of COVID-19 so far," said Chief Executive Leaf Hua Li. "The launch of new products may be delayed in the first quarter, but we do not believe such delay will weigh on the long-term growth prospects of our business." The stock, which fell 3.2% in premarket trading, has lost 14% over the past month through Tuesday, while the S&P 500 has lost 25%.
https://finance.yahoo.com/m/ca80ec1.../hong-kong-based-online-broker.html?.tsrc=rss
Futu Holdings Ltd. reported Wednesday fourth-quarter revenue that rose well above expectations, as the Hong Kong-based digitized brokerage company benefited from its new mutual fund distribution business and an "active" IPO market. Net income rose to HK$43.9 million ($5.6 million), or HK35 cents a share, from HK$38.2 million a year ago. The FactSet consensus was for HK20 cents a share. Revenue grew 37% to HK$310.9 million ($39.9 million), as brokerage commission and handling charge income rose 34%, interest income increased 24.5% and other income nearly tripled (up 186%). "Given that our business is 100% online, our operating metrics haven't demonstrated much negative impact from the outbreak of COVID-19 so far," said Chief Executive Leaf Hua Li. "The launch of new products may be delayed in the first quarter, but we do not believe such delay will weigh on the long-term growth prospects of our business." The stock, which fell 3.2% in premarket trading, has lost 14% over the past month through Tuesday, while the S&P 500 has lost 25%.
https://finance.yahoo.com/m/ca80ec1.../hong-kong-based-online-broker.html?.tsrc=rss
