What happened
Shares of Up Fintech (TIGR 8.56%) closed trading up 28.5% Tuesday, according to data provided by S&P Global Market Intelligence, after the Singapore-based online brokerage firm announced strong second-quarter 2023 results.
So what
Up Fintech's quarterly revenue climbed 23.5% year over year, to $66.1 million, trouncing analysts' consensus estimates for sales of $44.7 million. That translated to non-GAAP (adjusted) net income of $15.3 million, or $0.09 per American depositary share (ADS) -- also well above expectations for adjusted earnings of $0.04 per ADS.
Up Fintech added 29,077 funded accounts during the quarter -- bringing its total to 840,900 accounts at the end of Q2 -- while average customer acquisition cost fell to $162 from $171 in the first quarter. The company also saw asset inflows of over $1.6 billion -- partially offset by a mark-to-market loss of $492 million due to the underperformance of Chinese American Depositary Receipts and the Hong Kong market -- bringing its total assets under management to $17.3 billion.
Now what
The company continues to deliver solid top-line growth, expanded profitability, and falling customer acquisition costs as it pursues its international expansion. This was as solid a quarterly beat as any Up Fintech shareholder could ask for, and the stock is responding in kind.
