UP Fintech reports Q2 EPS 3c vs. 10c last year

Reports Q2 revenue $87.44M vs.$66.05M last year. Wu Tianhua, chairman and CEO of UP Fintech stated: “In the second quarter, driven by a more active market environment and our comprehensive product offerings, trading volumes increased 23.9% quarter over quarter and 62.5% year over year to US$105.9 billion. Our total revenue for the second quarter amounted to US$87.4 million, an all-time high and reflected a quarter-over-quarter increase of 10.8% and a year-over-year increase of 32.4%. Our GAAP net income and non-GAAP net income attributable to ordinary shareholders of UP Fintech for the second quarter were US$2.6 million and US$5.2 million respectively. The quarter-over-quarter decrease in net income was due to a US$13.2 million loss provision for the suspended Hong Kong stock pledge business faced with extreme market situation and significant price drop, leading to a provision for the loan balance.”