Futu Holdings Ltd

Futu Holdings delivered a standout fourth quarter of 2022, posting earnings per share of $0.87 against a consensus estimate of $0.70, a beat of 24.29%, while revenue of $292.34 million cleared the $237.07 million estimate by 23.32%. The headline revenue figure came despite a reported year-over-year decline of 81.8% on a reported basis, a dynamic that underscores the complexity of currency and segment mix in the company's results. The single most material driver behind the quarter's strength was a sharp expansion in interest income, which surged 84.2% year-over-year to $1.14 billion as the global rate-hiking cycle boosted returns on bank deposits, supplementing a meaningful improvement in blended commission rates from 7.0 basis points to 9.6 basis points. Net income nearly doubled, rising 92.2% year-over-year, with net margin expanding to 42.0% from 31.1% a year prior. Total client assets on platforms including moomoo and Futubull reached $53.50 billion, reflecting continued platform growth even as client acquisition slowed amid weak market sentiment.