Futu Holdings Ltd

Futu Holdings Ltd delivered a sharp earnings miss in its second quarter of 2026, posting GAAP EPS of $3.33 against a consensus estimate of $25.85, a shortfall of 87.12%, while revenue of $918.16 million fell 84.77% below the $6.03 billion analysts had anticipated and declined 82.7% year-over-year. The disconnect between the company's reported figures and Wall Street's expectations reflects the significant currency and unit conversion gap embedded in the consensus, as Futu's filing context shows results denominated in Hong Kong dollars translating materially differently at the per-ADS level. Operationally, the quarter was genuinely strong: trading volume surged 78.8% year-over-year to a record HK$6.42 trillion, funded accounts grew 33.6% to 3.84 million, and GAAP net income climbed 41.6% to $464.40 million, pushing net margin to 50.6%. Those results, however, arrive under a cloud, as multiple shareholder class action lawsuits alleging undisclosed non-compliance with Chinese regulatory requirements have weighed heavily on investor sentiment heading into the print.