- UP Fintech Holding Ltd (NASDAQ: TIGR) reported a fourth-quarter FY22 revenue growth of 2.7% year-on-year to $63.85 million Wednesday. The revenue grew 15.2% Q/Q.
- Segments: Commissions were $24.9 million, down 16.5% Y/Y due to decreased trading volume and market activities. Financing service fees were $2.7 million, up 17.6% Y/Y, primarily due to the decline in margin financing and securities lending activities.
- Interest income was $30.4 million, up 50.2% Y/Y.
- Drivers: The total account balance decreased 18% Y/Y to $14 billion. The total number of customers with deposits increased by 16.1%.
- Total margin financing and securities lending balance increased 12.6% Y/Y to $2.0 billion.
- Non-GAAP net income per ADS was $0.03.
- UP Fintech held $278.6 million in cash and equivalents.
- UP Fintech added 27,300 funded accounts in the quarter. The total number of funded accounts at the end of 2022 reached 781,500. Of the newly funded accounts in Q4, over 90% came from outside Mainland China.
- Price Action: TIGR shares traded higher by 3.67% at $3.11 premarket on the last check Wednesday.
Barclays Maintains Overweight on Carnival, Raises Price Target to $12
Barclays analyst Brandt Montour maintains Carnival (NYSE:CCL) with a Overweight and raises the price target from $10 to $12.
