Futu Holdings Limited (NASDAQ:FUTU) Q1 2024 Earnings Call Transcript May 28, 2024 7:30 AM ET

Company Participants

Daniel Yuan - Chief of Staff to CEO and Head of IR
Leaf Li - Chairman and CEO
Arthur Chen - CFO

Conference Call Participants

Chiyao Huang - Morgan Stanley
Katherine Lei - JPMorgan

Operator

Hello, ladies and gentlemen, welcome to Futu Holdings First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host for today's conference call, Daniel Yuan, Chief of Staff to CEO and Head of IR at Futu. Please go ahead, sir.

Daniel Yuan

Thanks, operator, and thank you for joining us today to discuss our first quarter 2024 earnings results. Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer; Arthur Chen, Chief Financial Officer; and Robin Xu, Senior Vice President.

As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which by their nature are not certain, and are outside of the Company's control. Forward-looking statements involve inherent risk and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report.

With that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese, and I will translate.

Leaf Li

[Foreign Language]

Thank you all for joining our earnings call today. Bolstered by strong market performance and solid execution in new markets, we wrapped up the quarter with approximately 1.9 million paying clients, representing a 24% growth year-over-year. In the first quarter, we added 177,000 paying clients, which more than quadrupled from the year-ago quarter, marking the third highest quarterly growth in history. Three months into the year, we have already achieved over 50% of our full year guidance of 350,000 net new paying clients. Given the year-to-date momentum, we would like to raise this guidance to 400,000 for now. Despite the rapid expansion of our client base, our quarterly paying client retention rate remained above 98%.