UP Fintech Clocks 99% Growth In Q2 Revenue

Online brokerage firm UP Fintech Holding Ltd TIGR reported second-quarter FY21 revenue growth of 98.7% year-on-year to $60.2 million, missing the estimate of $89.97 million.
Segments: Commissions were $30.9 million, up 63.7% Y/Y. Financing service fees were $2.2 million, up 31.6% Y/Y.
Interest income was $16.8 million, up 134.9% Y/Y. Other revenues were $10.2 million, up 301.5% Y/Y.
Drivers: The total account balance rose 188.9% Y/Y to $23.9 billion. The total number of customers with deposits increased by 215.2%.
Total margin financing and securities lending balance increased 187.7% Y/Y to $3.5 billion.
Non-GAAP net loss per ADS of $(0.03) missed the estimate of $0.09.
UP Fintech held $313.2 million in cash and equivalents.
UP Fintech added 153,100 funded accounts in Q2, up 353.5% Y/Y and 30.4% Q/Q.
Also See: Why Are Alibaba, Baidu, NetEase And Other Chinese Tech Shares Trading Lower Today?
Price Action: TIGR shares traded higher by 5.08% at $14.06 in the premarket session on the last check Friday.

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