Tiger Securities (TIGR.US) Q2 revenue increased 32% year over year, but net profit declined sharply

The Zhitong Finance App learned that before the US stock market on August 30, EST, Tiger Securities (TIGR.US) released unaudited financial data for the second quarter ending June 30, 2024. According to financial data, Tiger International's second-quarter revenue was US$87.44 million, up 10.8% month-on-month and 32.4% year-on-year, reaching a record high. Net profit under non-GAAP standards belonging to the parent company during the quarter was approximately US$5.2 million, compared with net profit under non-GAAP standards for the same period last year of approximately US$15.3 million. Net profit attributable to the parent company in Q2 under GAAP standards was US$2.6 million, compared to approximately US$13.2 million for the same period last year.

In the second quarter, Tiger International added 60,000 new global account opening customers, an increase of 17% over the previous quarter, and the number of accounts opened worldwide reached 2.31 million. 49,000 new deposit customers were added during the period, driving a 17% year-on-year increase in global deposit customers to 982,000. In addition, market transactions continued to be active in the second quarter, and the company's total transaction volume increased 62.5% year on year to US$105.9 billion; net deposit remained strong, reaching US$7 billion in the first half of the year, driving total customer assets to increase 16.2% month-on-month and 121.1% year-on-year to US$38.2 billion, reaching a record high.

Wu Tianhua, founder and CEO of Tiger International, said, “In the second quarter, as the market environment became more active, the company's business grew significantly, and revenue reached a record high. By the beginning of August, the number of global deposit clients had surpassed one million, and total customer assets continued to reach new highs over the past three quarters, fully demonstrating Tiger's long-term growth potential.”