Improved Quarterly Results Send Futu Holdings Higher

(RTTNews) - Shares of online brokerage and wealth management platform, Futu Holdings Limited (FUTU) are rising more than 5% Monday morning after reporting improved third-quarter results.

Net income for the third quarter increased by 22.7% to HK$754.6 million or $96.1 million from HK$615.2 million in the third quarter of 2021.

Earnings per ADS was HK$5.30 or $0.68, compared with HK$3.94 last year.

Excluding one-time items, earnings were $102.7 million.

Total revenues increased 12.4% year-over-year to $247.9 million.

Futu said its total number of paying clients increased 23.8% year-over-year to 1,444,955 as of September 30, 2022.

FUTU is at $53.40 currently. It has traded in the range of $21.23-$57.76 in the last 1 year.