Yahoo Finance

• Total Trading Volume: USD163 billion.

• Cash Equity Trading Volume: USD41.4 billion, increased 54% quarter-over-quarter.

• Commission Income: USD41.2 million, up 21% quarter-over-quarter and 78% year-over-year.

• Interest Income: USD48 million, increased 9% quarter-over-quarter.

• Total Revenue: USD101 million, a 16% increase quarter-over-quarter and 44% year-over-year.

• GAAP Net Income: USD17.8 million, up 34% year-over-year.

• Non-GAAP Net Income: USD20.1 million, increased 26% year-over-year.

• Operating Profit Margin: 26% in the third quarter.

• Newly Funded Accounts: 50,500, a 3% sequential increase and 105% year-over-year increase.

• Total Client Assets: USD40.8 billion, up 7% quarter-over-quarter and 116% year-over-year.

• Interest Expense: USD15.7 million, increased 29% year-over-year.

• Employee Compensation and Benefits: USD28.8 million, up 11% year-over-year.

• Marketing Expense: USD8.2 million, increased 59% year-over-year.

• Total Operating Costs: USD59.3 million, up 22% year-over-year.

• Warning! GuruFocus has detected 3 Warning Signs with TIGR.

Release Date: November 12, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• UP Fintech Holding Ltd (NASDAQ:TIGR) achieved a record total trading volume of USD163 billion in Q3 2024, driven by an expanded client base and active market conditions.

• Commission income reached USD41.2 million, marking a 21% increase quarter over quarter and a 78% increase year over year, the highest in the past three years.

• The company reported an all-time high total revenue of USD101 million for Q3 2024, a 16% increase quarter over quarter and a 44% increase year over year.

• UP Fintech added 50,500 newly funded accounts in Q3 2024, a 3% sequential increase and a 105% increase year over year, with significant contributions from Singapore and Southeast Asia.

• The company's wealth management AUM increased over 40% quarter over quarter and doubled year over year, exceeding USD1 billion.

Negative Points

• Interest expense increased by 29% from the same quarter last year, aligning with the growth of margin and security lending balances.

• The cash equities take rate slightly decreased from 6.7 bps to 6.4 bps this quarter, impacting overall profitability.

• Marketing expenses rose by 59% year over year to USD8.2 million, reflecting increased spending on customer acquisition and branding campaigns.

• General and administrative expenses increased by 27% year over year due to higher professional service fees and business expansion costs.

• The company experienced a foreign exchange loss of approximately USD5.1 million in Q3 2024, impacting subsidiaries that do not use the US dollar as their base currency.