- UP Fintech Holding Ltd (NASDAQ: TIGR) stock gained premarket after it reported a first-quarter FY23 revenue growth of 26% year-on-year to $66.33 million, beating the consensus of $45.06 million. The revenue grew 3.9% Q/Q.
- Segments: Commissions were $25.4 million, down 16.5% Y/Y due to decreased trading volume and market activities. Financing service fees were $2.9 million, up 82.1% Y/Y, primarily due to increased interest rates.
- Interest income was $34.6 million, up 123.8% Y/Y.
- Drivers: The total account balance increased 6% Y/Y to $16.1 billion. The total number of customers with deposits increased by 15.4%.
- Total margin financing and securities lending balance increased 32.4% Y/Y to $2.2 billion.
- Non-GAAP net income per ADS was $0.066, beating the consensus of $0.03.
- UP Fintech held $228.8 million in cash and equivalents.
- UP Fintech added 30,392 funded accounts in the quarter. The total number of funded accounts at the end of Q1 reached 811,900.
- The company also soft-launched TigerGPT recently for beta testing. The financial AI based on ChatGPT allows users to quickly extract and analyze investment-related data to help them with their investment research. It can also significantly reduce the learning curve for new users.
- Price Action: TIGR shares traded higher by 12.3% at $2.91 premarket on the last check Tuesday.
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