Webull Corporation

Основное из отчета

Позитивное:

• Абсолютный рекорд по выручке и кратный рост маржи благодаря отмене правила PDT. Цитата: «Q2 was the best quarter in Webull's history, with record revenue of $198.8 million, up 51% year-over-year and 24% sequentially... Adjusted operating profit reached $62.6 million, representing a 31.5% operating margin»
• Успешная глобальная экспансия и развитие B2B-направления, где институциональный AUM достиг $1,4 млрд. Цитата: «We continue to make progress building out this business, with institutional AUM exceeding $1.4 billion as our customer base continues to grow... The large majority of institutional clients are located outside of the U.S.»

Негативное:

• Несмотря на снижение, маркетинговые расходы все еще несут в себе шлейф агрессивных кампаний прошлого года. Цитата: «...our marketing spends included the effects of amortization from last year's promotions... You'll start to see our marketing spend normalizing more over the next couple of quarters...»
• Уязвимость маржинального кредитования к рыночным шокам, что проявилось в делеверидже клиентов в июле. Цитата: «July was a very choppy, very difficult month. I think there is a lot of de-leveraging, probably because the leverage that has been built up up until July. We saw that in our customers' trading behavior as well.»