Shares of UP Fintech holding Limited (NASDAQ:TIGR) are trading lower after the company reported first-quarter earnings results.
The company reported total revenues decreased 35.2% year-over-year to $52.6 million, 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.
Mr. Wu Tianhua, CEO and Director of UP Fintech stated, "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."
UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors.
The stock was trading about 18.1% lower at $4.18 per share on Friday at the time of publication.
