Futu Holdings Ltd (NASDAQ:FUTU) shares traded higher Monday after the company reported financial results.
Futu Holdings said first-quarter revenue decreased 25.6% year-over-year to $209.5 million. The company reported quarterly adjusted net income of $79.4 million.
Futu Holdings said total number of paying clients increased 67.9% year-over-year to more than 1.32 million. Total users increased 27.1% year-over-year to 18.1 million.
"During our fourth quarter 2021 earnings call, we guided for 200 thousand net new paying clients in 2022. In the first quarter, we added approximately 82 thousand paying clients and we are confident to deliver on our prior guidance," said Leaf Hua Li, chairman and CEO of Futu Holdings.
Following the company's quarterly results, CLSA downgraded Futu Holdings from an Underperform rating to a Sell rating and announced a $27 price target.
Futu Holdings is a technology company that aims to transform the investing experience by offering a fully digitalized brokerage and wealth management platform.
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FUTU Price Action: Futu Holdings has traded between $21.23 and $181.44 over a 52-week period.
The stock closed up 18.56% at $43.70 at press time, according to data from Benzinga Pro.
