Webull Corp (BULL) delivered an impressive third quarter Thursday, blowing past Wall Street's expectations on both the top and bottom lines. The brokerage platform reported revenue of $156.94 million, comfortably ahead of the $135.58 million analysts were expecting. Revenue climbed 55% year-over-year, driven by enthusiastic user engagement and robust trading volumes.
On the earnings front, Webull posted adjusted earnings of seven cents per share, more than tripling analyst estimates of two cents per share. That's the kind of beat that gets investors' attention.
The real story here is growth across the board. Total customer assets surged 84% year-over-year to hit $21.2 billion by quarter's end, powered by the broader market recovery and strong net deposits that grew 31% year-over-year. The user base expanded too, with registered users climbing 17% to 25.9 million and funded accounts rising 9% to 4.93 million.
"We continue to execute and grow our platform as showcased by the launch of Vega, our new AI tool that brings personalized market analysis and investing insights, in addition to the delivery of a variety of new offerings, including corporate bonds, access to event-based prediction markets and the re-introduction of crypto," said Anthony Denier, group president and U.S. CEO of Webull.
Trading activity was strong: equity notional volume jumped 71% year-over-year to $204 billion, while option contracts volume increased 24% to 147 million. The company closed the quarter sitting on approximately $654.8 million in cash and cash equivalents.
Webull shares traded up 0.73% in after-hours action at $8.31 following the results.
