(UP Fintech) Shares of UP Fintech Holdings fell more than 5% on Friday after reporting total revenues of $52.6 million in the first quarter of 2022. The revenue was 35.2% below last year.
UP Fintech also swung into a net loss of $5.9 million in the quarter, compared to an income of $21.1 million in the comparable quarter of 2021.
The company’s total account balance fell 29% from the prior year to $15.2 billion in the quarter. The total number of customers with deposits rose by 87.1% from the prior year to 703,500.
UP Fintech said that total client assets fell due to mark-to-market loss. The company still indicated that it attracted a strong net asset inflow due to users’ confidence in the platform.
TIGR:NASDAQ is down -6.27%.
