UP Fintech Holding Limited (NASDAQ: TIGR), the parent company of the online brokerage platform Tiger Brokers, has posted impressive financial results for the third quarter (Q3) of 2024, marking record-breaking revenues and profits.

For the period ending September 30, 2024, the company reported net revenue of $85.4 million, a 16% increase from the previous quarter’s record of $73.9 million. Net profit for Q3-2024 surged to $33.9 million, significantly outperforming the $11.6 million posted in Q3-2023. This growth reflects the company’s strong operational performance and continued expansion.

UP Fintech Reports Record Revenue and Profit for Q3 2024

In terms of key operating metrics, Tiger Brokers saw substantial growth in its account balances and customer base. Total account balance surged by 115.9% year-over-year, reaching $40.8 billion. Additionally, margin financing and securities lending balances grew by 101.8% to $4.5 billion. The company also experienced a 19.3% increase in customers with deposits, reaching a total of 1,032,800. Monthly average trading volumes hit a new high of $54 billion in Q3-2024, up from $35 billion in Q2.

However, the company’s operating expenses also increased. Total costs rose by 21.7% to $59.3 million, up from $48.8 million in the same quarter last year. Key contributors to this increase included higher execution and clearing expenses, which rose by 48.3% due to higher trading volumes, as well as a 10.8% increase in employee compensation and benefits expenses to support global expansion. Marketing and branding expenses saw a notable jump of 59.2% to $8.2 million, reflecting increased investment in promotional activities.

Despite the rise in costs, Tiger Brokers’ third-quarter results reflect robust growth and a solid foundation for continued success as the company advances its global expansion efforts.

With a solid foundation and strategic investments in marketing and global operations, UP Fintech is well-positioned to capitalize on future opportunities and maintain its growth trajectory moving forward.

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