UP Fintech Reports 19% Revenue Surge in Q1, Net Income Doubles
UP Fintech Holding Limited (NASDAQ: TIGR) disclosed its
unaudited financial results for Q1 2024, ending on March 31. Wu Tianhua, Chairman and CEO, reported a 19.0%
year-over-year increase in total revenues, reaching US$78.9 million.
Notably, net income attributable to ordinary shareholders of
UP Fintech surged to US$12.3 million, indicating a robust performance in Q1.
Additionally, the company’s non-GAAP net income reached US$14.7 million,
underscoring its strong financial standing and operational efficiency.
During the quarter, UP Fintech added 28,800 new funded
accounts, totalling 933,400 funded accounts by the quarter’s end, reflecting a
15% increase year-over-year. Moreover, asset inflow stood strong at US$5.3
billion, contributing to a notable 103.8% year-over-year increase in total
account balance to US$32.9 billion.
Earlier, UP Fintech Holding Limited, operator of Tiger Trade
online brokerage, secured
approval from Hong Kong’s Securities and Futures Commission to expand its
license for virtual assets trading, as reported by Finance Magnates.
Among the first in Hong Kong, UP Fintech now offers crypto
trading services, including Bitcoin and Ethereum, to qualified investors. This
move aligns with UP Fintech’s goal of providing a comprehensive trading
experience, integrating cryptocurrencies with stocks, options, futures, and
funds on its Tiger Trade platform.
Operating Costs Increase in Line with Revenue Growth
Financially, total revenues surged to US$78.9 million,
marking a 19.0% increase year-over-year. Commissions increased by 9.2% to
US$27.8 million due to heightened trading volume. Meanwhile, interest income
saw a significant rise to US$43.8 million, attributed to increased margin
financing and securities lending activities.
Operating costs and expenses totalled US$50.8 million, with
notable increases in employee compensation and benefits, communication and
market data expenses, and general and administrative expenses.
UP Fintech Holding Limited (NASDAQ: TIGR) disclosed its
unaudited financial results for Q1 2024, ending on March 31. Wu Tianhua, Chairman and CEO, reported a 19.0%
year-over-year increase in total revenues, reaching US$78.9 million.
Notably, net income attributable to ordinary shareholders of
UP Fintech surged to US$12.3 million, indicating a robust performance in Q1.
Additionally, the company’s non-GAAP net income reached US$14.7 million,
underscoring its strong financial standing and operational efficiency.
During the quarter, UP Fintech added 28,800 new funded
accounts, totalling 933,400 funded accounts by the quarter’s end, reflecting a
15% increase year-over-year. Moreover, asset inflow stood strong at US$5.3
billion, contributing to a notable 103.8% year-over-year increase in total
account balance to US$32.9 billion.
Earlier, UP Fintech Holding Limited, operator of Tiger Trade
online brokerage, secured
approval from Hong Kong’s Securities and Futures Commission to expand its
license for virtual assets trading, as reported by Finance Magnates.
Among the first in Hong Kong, UP Fintech now offers crypto
trading services, including Bitcoin and Ethereum, to qualified investors. This
move aligns with UP Fintech’s goal of providing a comprehensive trading
experience, integrating cryptocurrencies with stocks, options, futures, and
funds on its Tiger Trade platform.
Operating Costs Increase in Line with Revenue Growth
Financially, total revenues surged to US$78.9 million,
marking a 19.0% increase year-over-year. Commissions increased by 9.2% to
US$27.8 million due to heightened trading volume. Meanwhile, interest income
saw a significant rise to US$43.8 million, attributed to increased margin
financing and securities lending activities.
Operating costs and expenses totalled US$50.8 million, with
notable increases in employee compensation and benefits, communication and
market data expenses, and general and administrative expenses.
