UP Fintech Holding Ltd TIGR is trading higher Tuesday morning after the company reported better-than-expected financial results.
What Happened: UP Fintech reported first-quarter earnings of 16 cents per share, which was up from 1 cent per share year-over-year. The company reported quarterly revenue of $81.3 million, which more than doubled the estimate of $40.4 million.
UP Fintech announced record trading volume of $123.8 billion and noted that it added 296,000 new client accounts in the first quarter.
“We are pleased to announce that our company delivered strong growth in revenue, profits, and client assets in the first quarter of 2021. Total revenues were $81.3 million, a 255.5% increase from the first quarter of 2020, and were bolstered by solid increases in commissions, interest income, and revenues derived from our corporate business," said Wu Tianhua, CEO of UP Fintech.
Related Link: UP Fintech Client Accounts and Balances Hit Record High in Q1 2021
Price Action: UP Fintech traded as high as $38.50 and as low as $3.06 over a 52-week period.
At last check Tuesday, the stock was up 7.93% in premarket trading at $18.47.
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