Ripple’s Partner MoneyGram Beats Expectations in Q4 Earnings Report
Cryptocurrency company MoneyGram has released its Q4 financial report where it highlighted its better-than-expected earnings. The company's total revenue in the last quarter of 2019 amounted to $323 mln.
Yuri Molchan$8.9 mln as a contra expense
In its business report, MoneyGram called attention to the fact that it continued expanding its strategic partnership with San Francisco-based blockchain behemoth Ripple, which owns 9.95 percent of its outstanding common stock. This coincided with its rapid digital transformation — MoneyGram Online has witnessed a 39 percent year-over-year increase in number of transactions.
"This was a pivotal year for us as we continued to execute our digital transformation and deliver a differentiated experience to our customers," said Alex Holmes, the CEO of MoneyGram.
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The aforementioned revenue figure excludes Ripple's $8.9 mln financial benefit. The SEC recommended MoneyGram count it as part of MoneyGram's contra expense account.
Alex DovbnyaStruggling to turn a profit
Despite MoneyGram's upbeat earnings report, the Dallas-based money transfer company is still struggling to remain profitable after ending yet another quarter in the red.
In Q4, it reported a net loss of $11.9 mln compared to $7.7 mln in the previous quarter.
MoneyGram's shares are currently down by more than six percent pre-market.
Arman Shirinyan
Vladislav Sopov
Dan Burgin