Benzinga | Nov 30, 2021 04:42PM EST

UP Fintech Misses Q3 Consensus; Surpasses Funded Account Acquisition Target

UP Fintech Holding Ltd (NASDAQ:TIGR) reported third-quarter FY21 revenue growth of 59.6% year-on-year to $60.8 million, missing the consensus of $82.4 million.

* Segments: Commissions were $33.5 million, up 72% Y/Y. Financing service fees were $2.5 million, up 51.7% Y/Y.

* Interest income was $17.6 million, up 116% Y/Y.

* Drivers: The total account balance rose 88.3% Y/Y to $20.6 billion. The total number of customers with deposits increased by 185.1%.

* Total margin financing and securities lending balance increased 49.1% Y/Y to $3 billion.

* Non-GAAP net income per ADS of $0.03 missed the consensus of $0.12.

* UP Fintech held $318.5 million in cash and equivalents.

* UP Fintech added 82,900 funded accounts, of which over 80% came from outside China. By the end of Q3, UP Fintech acquired 353,300 funded accounts in 2021, surpassing the 350,000 new funded account guidance set.

* Price Action: TIGR shares traded higher by 1.48% at $6.16 in the premarket session on the last check Tuesday.