Why Futu Stock Is Up More Than 11% Today
Shares of online stock-trading platform Futu Holdings (NASDAQ: FUTU) were up a little more than 11% as of midday Wednesday following Tuesday's post-close release of the company's second-quarter results. Revenue and earnings both more than doubled as the trading app surpassed 15 million users.
Last year's wave of COVID-19 shutdowns didn't just convert a slew of U.S. consumers into active investors. Demand for diversions largely focused on meme stocks rose all over the world, setting the stage for Futu's meteoric rise, particularly in Singapore and Hong Kong.
Revenue of $203.1 million for the three-month stretch ending in June was a 129.3% increase from a year ago, the sixth straight quarter the company has posted triple-digit sales growth. Adjusted income of $70.9 million was 126.7% better than the bottom line from a year ago. Total trading volume grew by 104.3% with the brokerage's customer count swelling to 15.5 million.
Source Fool.com
