UP Fintech(NASDAQ:TIGR) stock is on the rise Tuesday and investors have plenty of reasons to celebrate today.
Let’s take a dive into the most recent news for UP Fintech and see what has holders of TIGR stock so happy today.
- The major news worth noting is the release of the company’searnings report for the first quarter of 2021.
- That includes adjusted earnings per share of 15 cents, which is better than the less than 1 cents reported during the same time last year.
- Another highlight worth noting is revenue of $81.3 million from the most recent quarter.
- That’s a 255.5% increase compared to the same period of the year prior.
- UP Fintech also saw net income for Q1 2021 come in at $21.1 million.
- That’s a positive switch compared to the online brokerage firm’s net loss of $500,000 from the first quarter of 2020.
- It’s also worth mentioning that the company added 117,000 funded accounts during the quarter.
- It also saw the aggregate value of assets clients allocated to the platform surpass $21.4 billion.
- In addition to this, its total trading volume was above $123.8 billion, which is nearly triple what it was in the first quarter of the previous year.
Wu Tianhua, CEO and director of UP Fintech, said the following about the earnings boost for TIGR stock.
“We are pleased to announce that our Company delivered strong growth in revenue, profits, and client assets in the first quarter of 2021. Total revenues were US$81.3 million, a 255.5% increase from the first quarter of 2020, and were bolstered by solid increases in commissions, interest income, and revenues derived from our corporate business.”
TIGR stock was up 14.2% as of Tuesday afternoon and is up 126.1% since the start of the year.