UP Fintech Holding Inc. (TIGR) stock rises in the pre-market trading. Why is it so?

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UP Fintech Holding Inc. (TIGR) stock gained by 2.56% in the last trading close while the TIGR stock continued to rise in pre-market trading by 14.97% after UP Fintech announced its fourth quarter and full-year fiscal 2020 unaudited financial results. UP Fintech Holding is a well-known online brokerage firm that focuses on global investors. Investors can trade equities and other financial instruments on various exchanges around the world using TIGR’s advanced smartphone and online trading network.

Financial Results

  • The total revenue generated for the fourth quarter of 2020 was US$47.2 million and US$138.5 million for the full fiscal year 2020. This is an increase of 136.5% and 136.1% compared to the fourth quarter and full year 2019.
  • TIGR’s total net revenue recorded for the fourth quarter 2020 was US$42.9 million while it was US$128.4 million for the full year 2020.
  • The net come of TIGR for the fourth quarter 2020 was US$9.4 million compared to negative US$0.2 million in the same quarter of 2019. And for the full year the net income was US$19.2 million from negative US$5.9 in 2019.
  • Net income attributable to UP Fintech also increased in the fourth quarter and full year of 2020 reported as US$8.5 million and US$16.1 million respectively. The values were negative US$0.6 million and negative US$6.6 million for the Q4 and full year 2019.

What more?

Also Tiger Trade, the flagship trading app of TIGR, has managed to create a confined trading, social networking, and financial media hub. TIGR continues to improve its brand image and retail client stickiness by introducing more investment resources and goods, such as a grey market for Hong Kong IPOs.

The CEO of UP Fintech said that they are excited for the coming year because they are planning to continue to leverage their technical capabilities to create an integrated trading network for global clients with a robust product offering,

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