MoneyGram (MGI) saw a big move last session, as its shares jumped more than 10% on the day, amid huge volumes.
MoneyGram's (MGI) strong digital business reflects transaction growth in both U.S.-outbound and international transactions.
MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced a partnership with E9Pay, one of the largest money transfer and payment fintech companies in Korea. The partnership enables E9Pay customers to connect to the MoneyGram platform and distribution network in over 200 countries and territories. The integration will especially benefit consumers who send money between Southeast Asia, Russia, and the Commonwealth of Independent States (CIS), which are the main corridors for E9Pay.
Virtu Financial (VIRT) is likely to gain from the current market volatility, which in turn, might perk up its share price.
(Bloomberg) -- It had been over three hours, and Raynique Cartwright still hadn’t received her money.Cartwright, 21, had arrived at the Western Union location in the Bahamas a little before 10 a.m. to pick up funds, but the branch was only allowing two or three people inside per hour, leaving a large crowd outside clamoring to get in.“Social distancing was almost a non-factor because people started getting rowdy and would gather around the door to see why the line was literally not even moving,” said Cartwright, who eventually made it inside at 1 p.m. “A lot of people left who were ahead of me.”Cartwright’s plight is playing out at thousands of storefronts around the world that act as agents for Western Union Co. and its rival, MoneyGram Inc. Consumers have flooded social media with tales and images of lengthy lines and boisterous crowds seeking to pick up funds sent by friends and family abroad. One person in the Queens borough of New York photographed a queue that stretched the length of the city block. At a location inside a gas station in Jamaica, dozens clustered around the pumps as they waited to access their funds.Migrant workers are major customers of the money-transfer companies because they often have family abroad and are excluded from traditional banking services, where those who are better off financially have flocked to computers and phones for their transactions.Roughly a billion people worldwide either send or receive remittances. For the recipients, the money is a lifeline that can account for more than half their income, even though senders often wire them just 15% of what they earn, according to data compiled by the United Nations.Because it often caters to under-banked consumers, the business has remained stubbornly in the physical world, with MoneyGram and Western Union operating almost a million locations through their agent networks. Customers typically like picking up cash in person because it’s currency they can spend immediately.That’s meant the companies have struggled amid the global lockdown instituted to stem the spread of the deadly coronavirus. It’s left some outlets understaffed and some branches, such as those located inside retail stores, either closed entirely or forced to contend with shorter hours.About 40% of MoneyGram’s locations are shut, and many “have some sort of disruption to operating hours or normal flows,” Chief Executive Officer Alex Holmes said in an interview.Brad Windbigler, Western Union’s head of treasury and investor relations, said the company is “doing everything we can” to stay open. “It’s a privileged space for us to be in to serve that market,” Windbigler said in an interview.Record RemittancesRemittances to low- and middle-income countries have steadily grown in importance in recent years, reaching a record $554 billion in 2019, according to data compiled by the World Bank. Last year was also the first time remittances surpassed foreign direct investment in those countries.Then the coronavirus hit, leaving many customers out of work or stuck at home, unable to continue sending money abroad. The World Bank expects remittances globally to drop 20% this year, the sharpest decline in recent history.“It will take some time for us to get through the unemployment,” said Michael Brown, CEO of Euronet Worldwide Inc., which operates the Ria money-transfer business. “As people regain employment, their first thought will be to continue to be with their families and their family’s well-being.”One bright spot for money-transfer companies in recent weeks has been their digital businesses. In the first 27 days of April, 28% of all of MoneyGram’s money-transfer transactions were digital, compared with 18% at the end of the first quarter. Western Union said 30% of its consumer-to-consumer transactions were generated by digital channels.PayPal Holdings Inc.’s Xoom remittances business has seen net new active users quintuple since January and February, CEO Dan Schulman told analysts on a call last week.“People aren’t going into physical locations anymore to give money and to have somebody on the receiving end going to a specific location to get money,” Schulman said.Biggest ImpactThe World Bank anticipates countries in Europe and Central Asia, where the Kyrgyz Republic and Tajikistan rely on remittances for almost 30% of gross domestic product, will see a 28% decline in remittances, the steepest drop globally.Countries in East Asia and the Pacific -- the region that receives the largest amount of remittances on a dollar basis -- could see such flows slide 13%. The roughly $35 billion the Philippines receives in remittances each year accounts for 10% of gross domestic product, according to the World Bank.The question executives face now is whether demand for their services will rebound as shelter-in-place orders are lifted, or if lingering unemployment will leave consumers unable to send money back home.“A great example is the cruise industry,” MoneyGram’s Holmes told analysts earlier this month. “Indonesians and Filipinos, they’re on cruise ships all over the world. If they don’t go back to work, that unemployment level will sustain itself for a very long period of time,” hindering those consumers’ ability to send money home, he said.Still, many executives said they’ve seen their customers get a boost from government stimulus programs, which has been a buoy for volume in recent weeks.Western Union’s customers “are nurses, grocery store workers, or ambulance drivers -- they put their lives at risk and support millions of people that shelter in place around the globe,” CEO Hikmet Ersek told investors on a conference call last week. “At the same time, they are supporting their loved ones, often far away from them by sending money home.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
MoneyGram (MGI) partners with E9Pay to provide its money transfer services in the burgeoning Korean remittance market.
Q1 2020 MoneyGram International Inc Earnings Call
Shares of MoneyGram (NASDAQ:MGI) rose 0.60% in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share were up 16.67% year over year to ($0.05), which were in line with the estimate of ($0.05).Revenue of $290,900,000 higher by 0.59% year over year, which missed the estimate of $292,670,000.Outlook MoneyGram hasn't issued any earnings guidance for the time being.Revenue guidance hasn't been issued by the company for now.Conference Call Details Date: May 01, 2020View more earnings on MGITime: 12:00 PM ETWebcast URL: https://viavid.webcasts.com/starthere.jsp?ei=1302573&tp_key=28eecd8f31Price Action 52-week high: $6.7052-week low: $1.15Price action over last quarter: down 20.10%Company Overview MoneyGram International Inc offers products and services under its two reporting segments; Global Funds Transfer, which is the core revenue generator, and Financial Paper Products. The Global Funds Transfer segment provides global money transfer services and bill payment services to consumers. It primarily offers services through third-party agents, including retail chains, independent retailers, post offices and other financial institutions. The company also offer Digital solutions such as moneygram.com, mobile solutions, account deposit and kiosk-based services. The Financial Paper Products segment provides official check outsourcing services and money orders through financial institutions and agent locations. The group operates in the United States and other countries.See more from Benzinga * 11 Financial Services Stocks Moving In Tuesday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today reported nearly 60% year-over-year transaction growth for MoneyGram Online year-to-date through February – an acceleration from the fourth quarter of 2019 where the company reported 39% transaction growth. Importantly, these trends are continuing in March.
MoneyGram (MGI) delivered earnings and revenue surprises of -25.00% and 1.54%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
MoneyGram (MGI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
On the call with me are Alex Holmes, Chairman and Chief Executive Officer, and Larry Angelilli Chief Financial Officer. As the pandemic spread and government issued shelter in place orders, our walk-in business saw sudden and abrupt impact beginning with many European markets around March 16.
MoneyGram International, Inc. (NASDAQ:MGI) will announce its first quarter 2020 financial results on Friday, May 1, 2020. Alex Holmes, Chairman and Chief Executive Officer, and Larry Angelilli, Chief Financial Officer, will host a conference call at 9:00 a.m. ET to discuss the financial results. The news release and the webcast will be available at ir.moneygram.com. Participants may join the call and view the presentation at the numbers and link below:
Uber Technologies Inc. (UBER) has entered into a partnership agreement with MoneyGram International (MGI), which will provide drivers and delivery couriers with a discount on online money transfers.Shares in MoneyGram surged 10% to $2.12 on the news as of Tuesday’s close. Under the terms of the partnership, all workers on Uber's platform, including the Driver app, Uber Eats, Uber Freight and Uber Works, are eligible for the discount on money transfers sent to family and friends in over 200 countries. The partnership has now been rolled out in the U.S., Canada, Australia, and the U.K."The spread of COVID-19 has been hard for everyone, and it has been particularly challenging for people who drive and deliver with companies like ours,” said an Uber spokesperson. “To help those who are supporting loved ones abroad during these uncertain times, we're excited to partner with MoneyGram."Shares in Uber declined 0.7% to $34.56 after the ride-hailing company’s stock value more than doubled over the past two months.Turning now to the outlook on the Street, the majority of analysts remain bullish on Uber stock as the company announced $1 billion in cost-cutting measures and is also focusing on ramping up its food delivery business. The demand for the service has been offsetting weak rides demand during the coronavirus pandemic.The strategy move gave five-star analyst Rod Lache at Wolfe Research on Monday enough reason for raising the stock to Buy from Hold and ramping up the price target to $41 from $36.The analyst now believes that Covid-19 has pulled forward both growth in the Eats delivery segment and a necessary re-sizing of the cost structure, which has “meaningfully de-risked expectations for rides growth”.TipRanks data shows that Uber stock boasts 27 Buys, 3 Holds and 1 Sell that add up to a Strong Buy consensus. The $39.56 average price target implies shares have room to rise another 15% in the coming 12 months. (See Uber’s stock analysis on TipRanks).Related News: Uber’s Latest Takeover Offer Said To be Rejected By GrubHub Weight Watchers Fires Thousands Over Zoom Facebook Workplace Hits 5 Million Paid Users As Remote Work Demand Rises More recent articles from Smarter Analyst: * Billionaire Ackman Exits Berkshire Hathaway, Blackstone To Fund Opportunities * HBO Max Launches, But Not Yet Available on Amazon, Roku Platforms * Apple Snaps Up AI Startup Inductiv, As Analysts Boost PTs On Store Reopenings * Microsoft Seeks $2B Stake In India’s Jio Platforms- Report
MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today reported 81% year-over-year transaction growth for its digital business in April – an acceleration from the first quarter of 2020 where the company reported 57% transaction growth. These strong trends have also continued into May.
Q4 2019 MoneyGram International Inc Earnings Call
MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced a partnership with Uber to provide drivers and delivery couriers a discount on digital money transfers sent to family and friends in over 200 countries and territories.
MoneyGram International, Inc. (NASDAQ:MGI) today announced a grant of $100,000 from the MoneyGram Foundation to Save the Children to support COVID-19 global relief efforts, including medical supplies and preparedness training to regions impacted by coronavirus.
MoneyGram (MGI) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
MoneyGram International, Inc. (NASDAQ: MGI) today reported financial results for its first quarter ending March 31, 2020.