Webull Q2 revenue jumps 51% on strong trading activity, customer engagement
Webull Q2 revenue jumps 51% on strong trading activity, customer engagement
Overview
US digital investment platform's Q2 revenue rose 51% yr/yr, beating analyst expectations
Adjusted operating profit for Q2 more than doubled yr/yr to $62.6 mln
Company repurchased and cancelled 1.82 mln shares during the quarter
Outlook
Company did not provide specific guidance for the current quarter or full year
Result Drivers
TRADING VOLUME SURGE - Record trading volumes after elimination of Pattern Day Trader Rule drove revenue and engagement, per Group President and U.S. CEO Anthony Denier
CUSTOMER ASSET GROWTH - Customer assets rose 79% yr/yr, supported by higher net deposits and increased funded accounts
INTERNATIONAL EXPANSION & AI TOOLS - Expansion into new markets and launch of AI-powered Vega Analyst tool supported user and account growth
Company press release: ID:nPn8Q2n1va
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $198.80 mln | $181.50 mln (3 Analysts) |
Q2 EPS |
| $0.04 |
|
Q2 Adjusted EBIT |
| $62.60 mln |
|
Q2 Pretax Profit |
| $34.70 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the financial technology (fintech) peer group is "buy"
Wall Street's median 12-month price target for Webull Corp is $13.00, about 63.9% above its August 18 closing price of $7.93
The stock recently traded at 35 times the next 12-month earnings vs. a P/E of 31 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)