UP Fintech Swings To Profit In Q1

(RTTNews) - UP Fintech Holding Ltd. (TIGR), a Singapore-based online brokerage firm, Tuesday reported earnings for the first quarter compared with a loss for the same period last year, on increase in new customers.

In the first quarter, earnings were $8 million compared with a loss of $5.9 million in the same quarter of last year.

Earnings per ADS was $0.143 compared with a loss of $0.039 per ADS for the previous year.

Adjusted earnings was $10.3 million compared with a loss of $1.9 million for the same period last year.

Revenue increased 26 percent to $66.33 million from $52.6 million of last year.

As many as 52,534 new customer accounts were added during the first quarter, reflecting 39.8 percent increase sequentially.

In premarket activity, shares of UP Fintech were trading at $2.84, up 9.65% or $0.25 on the Nasdaq.