BRIEF: UP Fintech’s profit surges on stock market rally

TIGR.US
Finance is for FinVolution

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

,
,

Related Articles

RELATED ARTICLES

  1. Waton values itself highly in NY IPO application
    Waton plays up fintech transformation, though without much evidence
  2. BRIEF: Futu profit doubles on heavy trading during stock market rally
    FUTU.US
  3. Vipshop gets left behind in China tech stock rally
    VIPS.US
  4. JF SmartInvest makes roaring, yet vulnerable, comeback on China stock rally
    9636.HK
  5. Qifu shares rally as credit tech takes off
    3660.HK QFIN.US
  6. BRIEF: UP Fintech announces share issue plan to raise around $100 million
    TIGR.US
  7. NaaS drives into third quarter with first-ever quarterly non-IFRS profit
    NAAS.US
Discover hidden China stock gems in our weekly newsletter

Follow us

Facebook Twitter Linkedin Weixin Weibo Youtube

Subscribe to Our Free eNewsletter

Subscribe

Check out our content with some of our syndication partners

factiva

Recent Articles

Illustration of the rebound of Chinese fintech lenders

A fintech lender rebound, and a hotel mess

Fintech lenders are entering a new golden era, with Jiayin reporting 46% growth for its core consumer lending business in last year's fourth quarter and forecasting similar gains this year. What's driving this rebound? And hotelier H World is still trying to fix a German acquisition from 2019 that wiped out its profit in the fourth quarter of last year. Will the Chinese hotelier be able to turn around this money-losing offshore asset?
JFIN.US HTHT.US