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SINGAPORE -On Tuesday, UP Fintech Holding Limited (NASDAQ:TIGR) reported fourth quarter earnings that missed estimates but revenue that beat expectations.
The company’s shares were up 3.64% in premarket trading following the release.
The online brokerage firm focusing on global investors posted adjusted earnings per ADS of $0.172 for the quarter, falling short of the $0.06 analyst estimate. However, revenue surged 98.9% year-over-year to $107.4 million, handily beating the consensus forecast of $97 million.
UP Fintech saw strong growth across key metrics in Q4:
- Total (EPA:TTEF) account balance rose 36.4% year-over-year to $41.7 billion
- Added 59,200 new funded accounts, up 51.4% from Q4 2023
- Trading volume jumped 142% to $198 billion
"We are pleased to see that both our annual and quarterly topline and bottom line have reached an all-time high as we keep executing internationalization strategy and building a resilient business model with healthier operating leverage," said CEO Wu Tianhua.
For full year 2024, UP Fintech reported revenue of $391.5 million, up 43.7% year-over-year. Net income attributable to shareholders rose 86.5% to $60.7 million.
The company’s strong revenue growth and user acquisition appear to be outweighing the earnings miss in investors’ eyes, as shares climbed over 3% following the report. UP Fintech’s international expansion strategy seems to be gaining traction based on the robust increases in funded accounts and trading activity.
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