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Tiger Brokers (TIGR.US) Q2 revenue up 32% YoY but net profit significantly reduced

AInvestFriday, Aug 30, 2024 9:40 am ET
1min read

Before the U.S. stock market opened on August 30, TIGR.US, a brokerage firm, released its unaudited financial data for the second quarter ending June 30, 2024. The financial data showed that TIGR's second-quarter revenue reached US$87.44 million, up 10.8% quarter-on-quarter and 32.4% year-on-year, setting a new record. The net profit attributable to parent under non-GAAP standards was approximately US$5.2 million, compared with US$15.3 million in the same period last year. The net profit attributable to parent under GAAP standards was US$2.6 million, compared with US$13.2 million in the same period last year.

In the second quarter, TIGR added 60,000 new global opening accounts, up 17% from the previous quarter, with a total of 2.31 million global opening accounts. During the period, 49,000 new depositing clients were added, driving a 17% year-on-year growth in global depositing clients to 982,000. In addition, market trading remained active, with the total trading volume up 62.5% year-on-year to US$105.9 billion; net deposits remained strong, reaching US$7 billion in the first half of the year, driving a 16.2% quarter-on-quarter and 121.1% year-on-year growth in customer total assets to US$38.2 billion, setting a new record.

Founder and CEO of TIGR, Wu Tianhua said: "In the second quarter, with the market environment becoming more active, the Company's business grew significantly, with revenue hitting a new high. As of early August, the number of global depositing clients had exceeded one million, and customer total assets continued to set new highs in the past three quarters, fully demonstrating TIGR's long-term growth potential."

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