Business
Siebert Reports Second Quarter 2024 Financial Results
Q2 2024 Operating Income Increased 20% to $5.6 Million; Net income Available to Common Stockholders Increased 49% to $4.0 million MIAMI--(BUSINESS WIRE)--
About this update from Siebert Financial Corp.
[{"type":"text","content":"\nQ2 2024 Operating Income Increased 20% to $5.6 Million; Net income Available to Common Stockholders Increased 49% to $4.0 million\n\n\n MIAMI--(BUSINESS WIRE)--\nSiebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a diversified provider of financial services, today reported financial results for the second quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Financial and Operational Highlights\n\n\n\nRevenue increased 19% to $20.9 million, compared to $17.6 million in the second quarter of 2023.\n\n\n\nOperating income increased 20% to $5.6 million, compared to $4.7 million in the second quarter of 2023.\n\n\n\nRetail customer net worth increased 5% to $17.4 billion, compared to $16.6 billion at the end of the first quarter of 2024.\n\n\n\nRecent Business Highlights\n\n\n\nAppointed Raakhee Miller, an industry veteran with over 25 years of experience in technology leadership, as President of Siebert Technologies, LLC. In this role, Miller will spearhead efforts to integrate advanced technologies and enhance Siebert's digital platforms, aiming to elevate the client experience and support services.\n\n\n\nFormed an advisory committee featuring prominent figures from finance, technology, sports, and entertainment, including Akon and Brandon Marshall, as well as Mick Solimene, Steven Geskos, and Nick Jarjour. The committee will provide strategic guidance as Siebert pursues an ambitious growth strategy, leveraging the diverse expertise of its members to drive innovation and expansion across various sectors.\n\n\n\nManagement Commentary\n\n\n\"Our strong second quarter earnings growth underscores Siebert's financial robustness and promising outlook,\" said John J. Gebbia, CEO of Siebert. \"We're intensifying our focus on modernizing our offerings, expanding our reach, and advancing our technology. Key initiatives include developing a Siebert mobile retail trading app, launching an online platform for our retail and corporate clients, and upgrading our technological infrastructure. These investments are crucial for serving our diverse customer base, from retail investors to corporate clients, and will support our expansion into new markets and demographics. We're well-positioned to achieve our strategic objectives and capitalize on emerging opportunities.\"\n\n\nAndrew Reich, CFO of Siebert, added: \"We've delivered another strong ...