Today, Nasdaq-listed UP Fintech Holding Limited announced its unaudited financial results for the quarter that ended 31 March 2022 (Q1 2022). The company saw a sharp decline in its revenue as the figure reached $52.6 million, which is 35.2% lower compared to the same period in 2021.
In the reported period, the net loss attributable to UP Fintech reached $5.9 million, compared to a net income of $21.1 million in the same period last year. The total account balance dropped by 29% YoY to $15.2 billion.
Additionally, UP Fintech added 30,150 funded accounts during Q1 2022. With that, the company now has a total of 703,500 funded accounts, which is up by 87.1% compared to the same period last year.
“The macro-environment was more difficult in the first quarter versus a year ago, as investors were wary of geopolitical conflicts, high inflation in the U.S and Federal Reserve tightening,” stated Wu Tianhua, the CEO and Director of UP Fintech. “Total revenues were US$52.6 million this quarter, decreased 35.2% year over year, primarily driven by a slowdown in trading commission and underwriting revenue, while interest income stayed flat thanks to the gradual buildup of self-clearing and securities lending business in the U.S. On a quarter over quarter basis, total trading volume increased by 6.0% with a moderate uptick in trading commissions.”
Corporate Business
The details shared by UP Fintech show that the company's corporate business performed well despite the weak market environment. Furthermore, UP Fintech invested in research and development during the latest quarter to improve its operational efficiency.
“We underwrote 7 U.S. IPOs in the first quarter, making us one of the most active underwriters for U.S equity issuance. We also added 25 ESOP clients in the first quarter and serve 338 ESOP clients in total as of March 31, 2022. In wealth management, we continued to add new funds to our Fund Mall to provide users with diversified investment options,” the company added.
