UP Fintech Holding Limited (TIGR) stock announced unaudited first quarter 2021financial results today on May 25, 2021, after which the TIGR stock price happened to be green and saw a push of 6.18% to reach $18.20 a share at the time of this writing. At previous trading, TIGR stock was declining and dropped by 1.44% at closing. Let’s discuss the earnings report in detail.
First Quarter 2021 Financial Results:
- UP Fintech stock generated US$81.3 million in revenue in the first quarter of 2021 representing extraordinary growth of 255.5% as compared to the prior year same period.
- Total net revenue for the TIGR stock surged by 245.7%YoY to reach US$75.7 million in the reported quarter.
- Net income jumped from US$0.5 million in Q1 2020 to US$21.1 million in Q1 of 2021 for TIGR stock.
- US$21.1 million net income attributable to UP Fintech has been recorded in the first quarter of 2021 while a net loss of US$0.2 million was recorded in the first quarter of the prior year.
- In the reported quarter, UP Fintech recorded US$23.5 million non-Gaap net income, significantly higher than US$1.1 million for the same tenure of the prior year.
Operating Highlights and Expenses:
- TIGR stock account balance has been increased to US$21.4 billion representing 289.8% yearly growth.
- Margin financing and security lending balance of TIGR stock reached US$2.3 billion with a 177.3% rise over the year.
- Customer growth was 180.4% over the year representing an addition of 376.0K customers in the database of UP Fintech.
- TIGR stock spent US$46.7 million in the total operating cost, 131.1% higher than the first quarter of 2020.
TIGR stock had cash and cash equivalents and term deposits of US$193.4 million at the end of March 2021 while these were US$98.4 million at the end of December 2020.
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Business Development:
The first-quarter financial results point to the strong growth of business for TIGR stock over the year.117,000 funder accounts have been added and the aggregate value of asset client exceeded US$21.4 billion. Trading volume for TIGR stock nearly tripled in the first quarter of 2021 as compared to the same period of the prior year. UP Fintech is serving 165 clients out of which 41 have been added in the first quarter of 2021.
Conclusion:
Investors are responding to the unaudited first-quarter financial results of 2021 by TIGR stock. Strong revenue, profits, and client assets in the reported quarter show that TIGR stock outperformed in the first three months of 2021 as compared to the same period of the prior year. If such growth continues in the future, then TIGR stock would be fruitful for investors in the long run.
