Why Is UP Fintech Stock Shooting Upwards Tuesday? - UP Fintech Holding (NASDAQ:TIGR)

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.