UP Fintech Holding (NASDAQ:TIGR), a prominent online brokerage firm, has disclosed its unaudited financial results for the second quarter of 2024, exhibiting substantial growth amid market fluctuations.
The company reported a 23.9% surge in trading volumes, reaching $105.9 billion, compared to the previous quarter.
Total revenue for the quarter climbed to $87.4 million, a 10.8% increase from Q1 and a significant 32.4% rise from the same period last year.
This growth underscores UP Fintech's expanding market presence and operational success.
Despite these gains, the company faced challenges, notably a $13.2 million loss provision for a suspended stock pledge business in Hong Kong, which impacted its GAAP net income.
Nonetheless, UP Fintech continued its upward trajectory in customer acquisition, adding 48,900 new funded accounts, which elevated the total to 982,300, marking a 16.8% increase year-over-year.
The firm's client assets also saw impressive growth, rising 16.2% over the quarter and more than doubling with a 121.1% increase year-over-year, totaling $38.2 billion.
Following the earnings release, Up Fintech's share price rose over 5% to $3.89 in early trading.