TigerBrokers Q2 revenue increased 32.4% to a new record high
$Tiger Brokers(TIGR)$ announced its unaudited financial results for the second quarter ended June 30, 2024.
In the second quarter, the company achieved a total revenue of US$ 87.4 million, reflecting a quarter-over-quarter (QoQ) increase of 10.8% and a year-over-year (YoY) increase of 32.4%, hitting a new record high. Non-GAAP net income attributable to UP Fintech was US$5.2 million.
In the second quarter of 2024, the Company added 60,600 new global account holders, a QoQ increase of 17%, bringing the total number of global accounts to 2.3 million. 48,900 new funded accounts were added, bringing the total number of funded accounts at the end of the second quarter to 982,300, a YoY increase of 17%. Additionally, market trading activity continued to increase in the second quarter, with the Company's total trading volume growing 62.5% YoY to US$105.9 billion.
Net asset inflow remained robust, reaching US$7 billion for the first half of the year, which drove total account balance up by 16.2% QoQ and 121.1% YoY to an all-time high of US$38.2 billion.
UP Fintech's founder and CEO, Wu Tianhua, stated, "In the second quarter, the company's business grew significantly as the market environment became more active, with revenue reaching a record high. As of early August, the number of funded clients worldwide has exceeded 1 million, and total client assets have continued to reach new highs for the past three consecutive quarters, fully demonstrating the long-term growth potential of Tiger Brokers."
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Results are impressive, but share price is terrible.