Futu (NASDAQ:FUTU) stock is gaining on Monday following the release of its unaudited earnings report for the first quarter of 2022.
The good news for FUTU stock starts with its earnings per American Depositary Share of 3.88 Hong Kong dollars (HKD). That’s better than the 3.30 HKD per share that Wall Street was expecting for the quarter, even if it’s a drop from the 8.17 HKD reported during the same time last year.
To go along with that, Futu reported a revenue of 1.64 billion HKD. That’s another beat next to analysts’ revenue estimate of 1.59 billion HKD for the period. However, it’s also a 25.6% decrease year-over-year.
Leaf Hua Li, chairman and CEO of Futu, said this in the earnings report boosting FUTU stock today:
“Client acquisition in Hong Kong accelerated on the back of increasing market consolidation as a number of small-and-medium-sized brokers suffered from muted client engagement. Quarterly paying client retention rate bounced back to over 98% as the negative impact from the headline news on client sentiment is largely behind us.”
FUTU stock is off to a strong start with decent trading as markets open this morning. This saw some 2.5 million shares on the move as of this writing. That’s quickly heading toward its daily average trading volume of about 6.1 million shares.
FUTU stock is up 17.4% as of Monday morning.
There’s more stock market news for investors to dive into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
