Futu Holdings Limited (FUTU) Delivers Robust Revenue and Earnings Growth

Futu Holdings Ltd (NASDAQ:FUTU) is a must-buy non-tech stock to invest in. On November 20, Barclays analyst Jiong Shao reiterated that Futu Holdings Limited (NASDAQ:FUTU) is a Buy. The positive stance stems from the company delivering impressive third-quarter results, characterized by significant growth in funded accounts as client acquisition picked up across every market.

Futu Holdings Limited (FUTU) Delivers Robust Revenue and Earnings Growth

The total number of funded accounts rose to 3.13 million, representing a 42.6% year-over-year increase. Likewise, the number of brokerage accounts increased by 30.8% to 5.61 million, while total trading volume rose 104.8% to HK$3.90 trillion.

“Malaysia contributed meaningfully to the Company’s funded account growth in the quarter, and we continue to see a long runway for growth in Malaysia after seven quarters of rapid market share expansion. During the quarter, we enhanced product localization by rolling out Bursa derivatives, SGX futures, and AI tools that support Malay language and local stock analysis,” Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, said.

Consequently, Futu reported an 86.3% increase in third-quarter revenue to $822.9 million. Net income rose 143.9% to $413.5 million as gross profit rose 99.5% to $720.9 million. In addition, the company has approved an $800 million share buyback following the expiration of the current program.

Futu Holdings Limited (NASDAQ:FUTU) is a fintech company that provides a one-stop digital platform for online brokerage and wealth management services. Through its proprietary platforms, Futubull and Moomoo, it offers clients the ability to trade a wide range of financial products, including stocks, options, and ETFs, as well as wealth management products, margin financing, and securities lending.

While we acknowledge the potential of FUTU to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than FUTU and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.