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Ripple’s Partner MoneyGram Beats Expectations in Q4 Earnings Report

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Tue, 02/25/2020 - 14:18
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  • MoneyGram remains unprofitable despite higher-than-expected earnings in Q4

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Contents

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. 

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$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. 

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. 

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Struggling 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.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Tue, 03/31/2020 - 19:25
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  • Bitcoin (BTC) bulls have high hopes for Q2 after the coronavirus-induced crisis tanked the price of the leading cryptocurrency

Cover image via stock.adobe.com
Contents

Bitcoin, the number one cryptocurrency by market capitalization, is set to finish its tumultuous first quarter of 2020 in the red with a 10.65 percent drop, according to crypto data provided by Skew.    

As reported by U.Today, it suffered a price crash of enormous magnitude due to the coronavirus pandemic that resulted in the global economic shock. 

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The stellar quarter that wasn't 

In early 2020, Bitcoin was on track to have its best Q1 since 2013. In fact, it gained more than 50 percent after reaching its current yearly high of $10,508 on Feb. 13. However, this rally hit a snag and BTC printed its first negative February close in six years

All bull dreams have been brutally shattered after the 'Black Thursday' of May 12. On top of halving its price in less than one day, BTC was actually in great danger of hitting zero because of a string of liquidations on BitMEX. 

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The odds are in the bulls' favor  

That said, there is still a good chance that the bulls can stage an impressive comeback in Q2, which is historically the most successful quarter for the leading cryptocurrency.

Last year, BTC kicked off its impressive rally on Apr. 2 with a sudden 20 percent price pump.   

At press time, BTC is sitting at $6,480, continuing its streak of range-bound price action.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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