MoneyGram International, Inc. today (August 1st) reported financial results for its second quarter ending June 30, 2019. Total revenue was $323.8 million and $374.6 million for the three months ended June 30, 2019 and 2018, respectively.
„Money transfer revenue was $282.2 million for the quarter compared to $329.7 million for the three months ended June 30, 2018.”, according to the press release. Company reported that total digital revenue represented 16% of money transfer revenue.
Net loss was $27.2 million compared to net income of $2.3 million for the second quarter of 2018. EBITDA was $8.9 million, a decrease of $34.5 million as compared to the year-ago period.
The Company continues to anticipate a return to growth later this year, however given the revenue trends for the first half of the year, and the slower than anticipated recovery of the US market, the Company is revising its constant currency revenue outlook for the full year 2019 and now projects a decline of approximately 8% for the year. The Company is also narrowing its original range for Adjusted EBITDA and now projects a decline of approximately 12% for the full year 2019 on a constant currency basis.
Also during the quarter, the Company obtained an equity infusion of $30 million and entered into a commercial agreement with Ripple, a provider of enterprise blockchain solutions for global payments. The commercial agreement allows MoneyGram to utilize Ripple’s xRapid blockchain product, as well as XRP, Ripple’s cryptocurrency, to facilitate cross-border settlement. The Company expects that this will reduce working capital needs and have the potential to generate additional earnings and cash flow.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
