- UP Fintech Holding Ltd (NASDAQ: TIGR) on Wednesday reported revenue growth of 2.7% year over year for the fourth quarter of fiscal 22 to $63.85 million. The Sales up 15.2% Q/Q.
- Segments: Commissions were $24.9 million, down 16.5% Y/Y due to lower trading volume and market activity. Financing services fees were $2.7 million, up 17.6% Y/Y, primarily due to the decline in margin financing and securities lending activity.
- Interest income was $30.4 million, up 50.2% Y/Y.
- Driver: Total account balances fell 18% year over year to $14 billion. The total number of customers with deposits increased by 16.1%.
- Total margin financing and securities lending balance increased 12.6% year over year to $2.0 billion.
- Non-GAAP net income per ADS was $0.03.
- UP Fintech held $278.6 million in cash and equivalents.
- UP Fintech added 27,300 funded accounts in the quarter. The total number of funded accounts reached 781,500 at the end of 2022. Of the newly funded accounts in the fourth quarter, over 90% came from outside mainland China.
- Price promotion: TIGR shares traded 3.67% higher at $3.11 premarket on the latest check Wednesday.
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