Up Fintech Reports 19% Increase in Revenue in Q1, Net Profit Doubled
Wednesday, 06/05/2024 | 11:32 GMT By: Tareq Sikder
- A total of 933,400 new accounts were added by the company.
- Interest income increased by 26.8%, while commissions increased by 9.2%.
UP Fintech Holding Limited (NASDAQ: TIGR) has announced its financial results. Unaudited financial report for the first quarter ended March 31, 2024. Wu Tianhua reported a 19.0% increase in revenue for the first quarter ended March 31, 2024. Revenue increase of $78.9 million.
Increased net profit and strong first quarter performance
Net profit attributable to common shareholders is the most important. UP Fintech’s revenue increased to $12.3 million, indicating a strong performance in the first quarter. The company’s non-GAAP net income was $14.7 million, highlighting the company’s strong financial position and operational efficiency.
During the quarter, there were increased trading volumes and a significant increase in interest income.
UP Fintech now offers cryptocurrency trading services, including Bitcoin and Ethereum, for qualified investors. This move is in line with UP Fintech’s goal of providing a comprehensive trading platform that has experience in integrating cryptocurrencies with stocks, options and futures.
As revenues increase, so do operating expenses.
Total revenue increased to $78.9 million, an increase of 19.0% year-on-year. Commissions increased by 9.2%. $27.8 million due to increased trading volume. Interest income A significant increase of $43.8 million was due to increased margin on financing and securities lending activities.
Operating costs and expenses were $50.8 million. Communications and employee benefits increased significantly. Market data costs and general and administrative expenses
Forex technical analyst and financial writer with 12 years of experience.
