Up Fintech Holding Limited (TIGR) is up 4.56% in the pre-market trading session at the price of $13.99 after the release of unaudited second-quarter 2021 financial results. TIGR is a leading online brokerage firm centered on global investors. Its proprietary mobile and online trading platform facilitate investors to trade in equities and other financial instruments on various exchanges.
60% of Newly Funded Accounts Acquired from International Markets
On 10th September 2021, TIGR announced revenues of US$60.2 million for the second quarter ended 30th June 2021. In the second quarter of 2020, revenues were US$30.3 million. More than 60% of the TIGR’s newly funded accounts had derived from international markets in the quarter. The growth was due to enhanced platform capabilities and growing demand for convenient access to global brokerage services. During the quarter, the total number of funded accounts increased to 529,100. The account balance increased by 188.9% YoY to US$23.9 billion as UP Fintech attracted new clients from multiple global markets.
CEO of TIGR, Mr. Wu Tianhua, remarked that they maintained their solid business momentum with a high client reservation rate and increased operational synergies. They are confident in the positive outlook for their company and industry. Their focus is to employ technology to make investment more profitable. They are committed to increase the breadth and diversity of their product offerings and leveraging their leading position to attract new clients, he added.
TIGR Reported Second Quarter 2021 Financial Results
On 10th September 2021, TIGR published its unaudited financial results for the second quarter ended 30th June 2021. Mr. Wu Tianhua commented that though their market backdrop was relatively weaker than the first quarter, they are happy to report substantial expansion in the second quarter. They have witnessed a significant increase in the number of newly funded accounts and the account balance. They added 153,100 funded accounts in the second quarter. It represents an increase of 353.5% year over year and 30.4% quarter over quarter, he added.
TIGR reported total revenues of US$60.2 million for the second quarter of 2021. It is 98.7% up from US$30.3 million in the same quarter of last year. Commissions were US$30.9 million, representing a 63.7% increase from US$18.9 million in the same quarter of the previous year. Increase in commissions caused by higher user base and trading volume. A net loss was US$21.5 million for the second quarter of 2021. A net income of US$4.4 million, reported in the same quarter of last year. The net loss attributable to TIGR was US$21.5 million, as compared to a net income of US$2.9 million in the same quarter of the previous year. Net loss per ADS was US$0.149 for the second quarter of 2021. Net Income per ADS was US$0.021 in the same quarter of 2020.
