UP Fintech Holding Ltd (NASDAQ: TIGR) saw its stock climb after the company reported second-quarter FY21 revenue growth of 98.7% year-on-year to $60.2 million, missing the estimate of $89.97 million.
Commissions were $30.9 million, up 63.7% Y/Y. Financing service fees were $2.2 million, up 31.6% Y/Y. Interest income was $16.8 million, up 134.9% Y/Y. Other revenues were $10.2 million, up 301.5% Y/Y.
The total account balance rose 188.9% Y/Y to $23.9 billion. The total number of customers with deposits increased by 215.2%.
Total margin financing and securities lending balance increased 187.7% Y/Y to $3.5 billion. Non-GAAP net loss per ADS of $(0.03) missed the estimate of $0.09.
UP Fintech held $313.2 million in cash and equivalents. TIGR added 153,100 funded accounts in Q2, up 353.5% Y/Y and 30.4% Q/Q.
"Finally," said the company’s press release, "we continue to focus on enriching the content our clients may engage with on our platform. We will continue to upgrade the products and services that we offer to both our individual clients, as well as our corporate partners, as we expand both our geographic footprint as well as the capabilities integrated into our leading fintech platform."
UP Fintech is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world.
TIGR shares skyrocketed $1.35, or 10.1%, to $14.73 early Friday.
