UP Fintech Holding Ltd ADR (TIGR)

Up Fintech Holding Limited (TIGR) stock fell by 9.17% following the company's announcement of its unaudited financial results for the fourth quarter and full year ended December 31, 2023. Despite a positive outlook for 2023, the weak fourth-quarter results contributed to the decline in the stock price.

• Financial Performance: Total revenue in the fourth quarter was $70.0 million, representing a 9.6% increase compared to the same quarter of the previous year. However, total net revenues decreased 4.7% year-over-year to $54.0 million. Net loss attributable to ordinary shareholders of UP Fintech was $1.8 million compared to a net income of $1.2 million in the same quarter of the previous year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech was $1.1 million, a decrease of 76.5% from the same quarter of the previous year.
• Future Outlook: UP Fintech remains optimistic about its long-term prospects and continues to focus on enhancing user experience and adding new products to its platform. The company's strong performance in terms of new funded accounts and total account balance indicates a positive trajectory for future growth.