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Why UP Fintech Holding Limited Stock Skyrocketed 41.7% This Week

TheMotleyFool

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Why UP Fintech Holding Limited Stock Skyrocketed 41.7% This Week: https://g.foolcdn.com/editorial/images/746189/hand-drawing-chart-stock-return.jpg

Shares of UP Fintech Holding Limited (NASDAQ: TIGR) are up 57.5% this week as of 11:05 a.m. EDT Friday, according to data provided by S&P Global Market Intelligence, after the company delivered an exceptional quarterly update.

To be sure, shares of the Singapore-based online brokerage firm surged nearly 30% on Tuesday alone after its second-quarter 2023 press release hit the wires.

UP Fintech's headline numbers easily exceeded Wall Street's expectations. Quarterly revenue grew 23.5% year over year, to $66.1 million, translating to adjusted net income of $15.3 million, or $0.09 to American depositary shares (ADS). Analysts, on average, were modeling adjusted earnings of only $0.04 per share on revenue closer to $44.7 million.

Source Fool.com

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