UP Fintech Slips To Loss In Q1

(RTTNews) - UP Fintech Holding Ltd. (TIGR), an online brokerage firm, on Tuesday reported net loss for the first-quarter, compared with profit a year earlier. Total revenue increased from the previous period, despite higher expenses.

For the first quarter net loss was $27.67 million or $0.010 per share, compared with an earnings of $34.25 million or $0.011 per share in the year-ago quarter.

Quarterly revenue rose 27.1 percent to $136.73 million from $107.57 million a year earlier.

Wu Tianhua, chairman and CEO of UP Fintech stated, "The overall market trended downward in the first quarter, driven by the pullbacks across financials, technology and consumer discretionary sectors".

In pre market activity on Nasdaq, shares of UP Fintech were down 0.32 percent, changing hands at $5.15, after closing Monday's regular session 0.58 percent higher.