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Online brokerage firm UP Fintech Holding Limited swung to a net loss in the first quarter of the year, citing market difficulties reported during the period.
Source: UP Fintech
TIGR is down 4.51%, and IEMG is up 1.72% premarket.
The company recorded a $5.9-million net loss in the quarter, reversing the $21.1-million net income recorded in the same quarter in 2021. The diluted net loss per share was $0.039 versus the earnings per share of $0.143 in 2021.
Revenues for the quarter fell by 35.2% to $52.6 million from $81.3 million, with commissions down 42.4% to $30.5 million, financing service fees down 30.1% to $1.6 million, and interest income down 30.1% to $1.6 million.
Chief Executive Officer and Director Wu Tianhua said the company was hit by investor concerns about geopolitical tensions, the high inflation in the United States, and the policy tightening of the Federal Reserve during the quarter.
The firm added 30,150 funded accounts in the first three months of the year, bringing the total number of funded accounts to 703,500, or 87.1% higher than the same quarter in 2021.
Total client assets posted an annual decline, attributed to mark-to-market loss.
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