MoneyGram International Reports 3rd Quarter 2019 Financial Results.
DALLAS: MoneyGram International, Inc. (NASDAQ: MGI) today reported financial results for its third quarter ending September 30, 2019.
Business Update
Business transformation continues to accelerate, demonstrated by both the expansion of digital capabilities to over 60 countries, including 25 countries with MoneyGram Online capabilities. Total digital transactions represented 20% of money transfer transactions.
Outside the US, money transfer transactions improved to a 7% year-over-year growth rate while returning to positive revenue growth. 60% of our total money transfer revenue now comes from business generated outside the United States.
First money transfer company to launch Visa Direct.
First money transfer company to utilize blockchain capabilities at scale through our Ripple strategic partnership.
"Our third quarter results reflect the continued transformation of our business as we increasingly focus on customer experience improvements, cross-border digital growth and industry-leading innovation through our strategic partnership with Ripple," said Alex Holmes Chairman and CEO. He added: "While the US market, which continues to be our primary challenge, showed signs of improvement on a sequential basis, we are very pleased that our non-US business achieved year-over-year growth for the quarter."
Third Quarter 2019 Financial Results
Total revenue was $324.6 million and $347.2 million for the three months ended September 30, 2019 and 2018, respectively.
Money transfer revenue was $284.9 million for the quarter compared to $304.2 million for the three months ended September 30, 2018.
Investment revenue was $13.4 million for the quarter.
Net loss was $7.7 million compared to $20.9...
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