In the 1QFY2022, Tiger Brokers reported a net loss of US$5.9 million ($8.2 million), compared to a net income of US$21.1 million in the same period the year before.
Net loss per American depositary share (ADS) stood at 3.9 US cents on a diluted basis, compared to a net income per ADS of 14.2 US cents.
“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, CEO and Director of UP Fintech in the results release on June 10.
“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 US. On a quarter over quarter basis, total trading volume increased by 6.0% with a moderate uptick in trading commissions.”
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Commissions for the period fell 42.4% y-o-y to US$30.5 million due to lower trading volume and market activities.
Financing service fees fell 30.1% y-o-y to US$1.6 million, mainly due to a decrease in margin financing and securities lending activities.
Interest income dipped 1.1% y-o-y to US$15.5 million.
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Other revenues plunged 51.1% y-o-y to US$5.1 million mainly due to the slowdown in underwriting related business and currency exchange service.
Non-GAAP net loss attributable to UP Fintech, which excludes share-based compensation, impairment loss from long-term investments and fair value change from convertible bonds, was US$1.9 million, as compared to a US$23.5 million non-GAAP net income attributable to UP Fintech in the same quarter of last year.
As at March 31, cash and cash equivalents stood at US$352.0 million.
Shares in NASDAQ-listed Tiger Brokers closed 97 US cents lower or 19.02% down at US$4.13 on June 13.
