BRIEF: UP Fintech’s profit surges on stock market rally
Online brokerage UP Fintech Holding Ltd. (TIGR.US) said its non-GAAP profit soared to a record $30.5 million in the fourth quarter, up from $1.1 million a year earlier, fueled by a surge in stock trading as markets rallied. Its full-year non-GAAP net profit also rose 65% to a record $70.5 million, according to its latest financial results announced on Tuesday.
The company also reported record revenue of $124 million in the fourth quarter of 2024, up 77.3% year-on-year, while full-year revenue reached $392 million, up 43.7%. The company added 187,000 new funded accounts last year, exceeding its annual target. Its total funded accounts at year-end reached 1.09 million, up 20.7% year-on-year.
UP Fintech’s stock surged 21.58% on Tuesday in New York after the announcement, closing at $9.69.
By Lee Shih Ta
To subscribe to Bamboo Works weekly free newsletter, click here
