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, introducing cryptocurrency ETFs, as well as 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.
Entering into the second half of the year, the Company continued to empower investors with broader investment opportunities. As virtual assets are increasingly gaining popularity from global investors, the Company launched crypto trading services in Singapore and Hong Kong ("HK") in July and August respectively, and aims to bring more products to global investors in the future.
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 ...
