UP Fintech Holding Ltd (FRA:1M5)
€ 5.85 -0.1 (-1.68%) Market Cap: 1.09 Bil Enterprise Value: 752.50 Mil PE Ratio: 32.00 PB Ratio: 1.69 GF Score: 76/100

Q3 2024 UP Fintech Holding Ltd Earnings Call Transcript

Nov 12, 2024 / 01:00PM GMT
Release Date Price: €5.8 (-4.13%)

Key Points

Positve
  • UP Fintech Holding Ltd (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
  • 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.
Operator

Ladies and gentlemen, thank you for standing by and welcome to the UP Fintech Holding Limited third quarter 2024 earnings conference call. (Operator Instructions) at this time. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. I must advise you that this conference is being recorded today. November 12, 2024. I would now like to hand the conference over to your first speaker today, Mr. Aaron Li, the Head of Investor Relations. Thank you. Please go ahead.

Aaron Li
UP Fintech Holding Ltd - Investor Relations

Thank you, Mel. Hello everyone and thank you for joining us for the call today. UP Fintech Holding Limited's third quarter 2024 earnings release was distributed earlier today and is available on our IR website at ir.itigerup.com, as well as GlobeNewswire services.

On the call today from UP Fintech are Mr. Wu Tianhua, Chairman and Chief Executive Officer; Mr John Zeng, Chief Financial Officer; Mr Huang Lei, CEO of US Tiger Securities; and Mr Kenny Zhao, our Financial Controller.

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