Q2 2024 UP Fintech Holding Ltd Earnings Call Transcript
Key Points
- UP Fintech Holding Ltd (TIGR) reported a record total revenue of USD87.4 million for Q2 2024, reflecting a 10.8% quarter-over-quarter increase and a 32.4% year-over-year increase.
- The company achieved its second-highest quarterly commission revenue in its operating history, with commission income reaching USD34.1 million, up 22.7% quarter-over-quarter and 54.9% year-over-year.
- UP Fintech Holding Ltd (TIGR) added 48,900 newly funded accounts in Q2 2024, representing a 69% sequential increase and a 68% increase year-over-year, with significant contributions from Singapore and Southeast Asia.
- Client assets reached an all-time high of USD38.2 billion, marking a 16% quarter-over-quarter and 121% year-over-year increase, driven by strong net asset inflows and market gains.
- The company introduced new product offerings, including Hong Kong stock options and short selling for Hong Kong stocks, enhancing its competitiveness and appeal to local users.
- The bottom line was negatively impacted by a loss provision of USD13.2 million related to a Hong Kong stock pledging and withdrawal case.
- Interest expense increased by 30% year-over-year to USD13.6 million, reflecting the high-interest rate environment.
- Employee compensation and benefits expenses rose by 20% year-over-year to USD28.6 million due to headcount increases for overseas growth and R&D.
- Marketing expenses increased by 36% year-over-year to USD6.4 million, driven by higher spending on user acquisition and branding.
- General and administrative expenses surged by 345% year-over-year to USD20.2 million, primarily due to the one-time loss provision.
Ladies and gentlemen, thank you for standing by. Welcome to the UP Fintech Holding Limited second-quarter 2024 earnings conference call. (Operator Instructions) I must advise you that this conference is being recorded today, August 30, 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.
Thank you, Desmond. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holding Limited's second-quarter 2024 earnings release was distributed earlier today and is available on our IR website at ir.itiger.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. Mr. Wu will give an overview of our business operations and discuss corporate highlights. Mr. Zeng will then discuss our
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