UP Fintech Registers 11% Revenue Decline In Q2 As Weaker Market Slowed Down Trading, Asset Growth - UP Fintech Holding (NASDAQ:TIGR)

UP Fintech Holding Ltd TIGR reported a second-quarter FY22 revenue decline of 11.2% year-on-year to $53.5 million. The revenue grew 1.6% Q/Q.
Segments: Commissions were $28.2 million, down 8.8% Y/Y due to a decrease in trading volume and market activities. Financing service fees were $1.5 million, down 32.5% Y/Y, primarily due to a decrease in margin financing and securities lending activities.
Interest income was $14.5 million, down 14.2% Y/Y.
Drivers: The total account balance decreased 37.9% Y/Y to $14.9 billion. The total number of customers with deposits increased by 38.2%.
Total margin financing and securities lending balance decreased 53.5% Y/Y to $1.6 billion.
Non-GAAP net income per ADS was $0.02.
UP Fintech held $330.8 million in cash and equivalents.
UP Fintech added 27,900 funded accounts, of which over 70% came from outside China. By Q2, UP Fintech acquired 731,400 funded accounts, up 38.2% Y/Y.
"Macro environment remained challenging in the second quarter. Weak market performance, particularly in the U.S. capital market, slowed down trading activities and asset growth as our clients have more exposure in the U.S. markets versus Hong Kong", stated Mr. Wu Tianhua, Chair and CEO.
Price Action: TIGR shares traded higher by 0.84% at $3.61 in the premarket session on the last check Wednesday.
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