Webull Reports Q1 Earnings, Shares Slide

Webull Corp BULL shares are trading lower in Thursday’s after-hours session after the company reported first-quarter financial results. Here’s a rundown of the report.

Q1 Results: Webull reported first-quarter revenue of $117.37 million, up 32% from $88.94 million on a year-over-year basis. The brokerage platform company attributed the revenue increase to strong account growth and increases in trading volumes.

Webull reported a first-quarter loss of six cents per share.

The company said total customer assets grew 45% year-over-year to $12.6 billion at quarter’s end, driven by strong net deposit growth of 66% year-over-year. Registered users grew 17% year-over-year to 24.1 million and funded accounts jumped 10% to 4.7 million.

“We are proud to have delivered a very strong first quarter, driven by significant account and trading volume growth that reflects continued demand for Webull’s differentiated trading platform,” said Anthony Denier, group president and U.S. CEO of Webull.

“We believe our results speak to our strong value proposition, reliable and innovative platform, and focus on global distribution to meet the needs of our sophisticated retail customers. Moving forward we will remain focused on broadening our product portfolio, introducing new asset classes, and expanding access to customers globally.”

Webull’s management team will further discuss the quarter on a call with investors and analysts at 5 p.m. ET.

BULL Price Action: Webull shares were down 2.07% after-hours, trading at $13.22 at the time of publication on Thursday, according to Benzinga Pro.

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