MoneyGram International, one of the world’s leading financial services providers, yesterday released its financial results for the quarter ended March 31, 2022. During the first quarter of 2022, the company’s digital revenue hit a record high of 83 millions of dollars.
MoneyGram’s total revenue for the first quarter of 2022 was $307.6 million, down slightly from the same period last year. However, operating profit saw a decent increase, with the number reaching $17.9 million.
According to MoneyGram, the company’s net profit of $5.1 million was driven by strong operating profit and lower interest expense. Diluted earnings per share for the last quarter were $0.05.
“Record digital revenue, strong customer retention rates and overall international growth drove strong first quarter results,” said Alex Holmes, president and CEO of MoneyGram. “Our ability to serve customers directly at scale enables the business to weather continued global volatility, and we are delighted to report that digital transactions now represent over 40% of our money transfer business. .”
Digital
Recent MoneyGram results indicate a surge in demand for digital products. The Nasdaq-listed company noted that the total number of digital transactions increased by nearly 33% compared to the same period last year. MoneyGram’s cross-border transactions increased nearly 22% year-over-year in the first quarter of 2022.
“As recently announced, MoneyGram has entered into a definitive agreement under which funds affiliated with Madison Dearborn Partners will acquire all of the outstanding shares of MoneyGram for $11.00 per share in an all-cash transaction valued at approximately $1 $.8 billion The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions, including MoneyGram shareholder approval and the receipt of regulatory approvals, including required approvals in various jurisdictions related to money transfer licenses,” MoneyGram noted of the company’s recent updates.
MoneyGram International, one of the world’s leading financial services providers, yesterday released its financial results for the quarter ended March 31, 2022. During the first quarter of 2022, the company’s digital revenue hit a record high of 83 millions of dollars.
MoneyGram’s total revenue for the first quarter of 2022 was $307.6 million, down slightly from the same period last year. However, operating profit saw a decent increase, with the number reaching $17.9 million.
According to MoneyGram, the company’s net profit of $5.1 million was driven by strong operating profit and lower interest expense. Diluted earnings per share for the last quarter were $0.05.
“Record digital revenue, strong customer retention rates and overall international growth drove strong first quarter results,” said Alex Holmes, president and CEO of MoneyGram. “Our ability to serve customers directly at scale enables the business to weather continued global volatility, and we are delighted to report that digital transactions now represent over 40% of our money transfer business. .”
Digital
Recent MoneyGram results indicate a surge in demand for digital products. The Nasdaq-listed company noted that the total number of digital transactions increased by nearly 33% compared to the same period last year. MoneyGram’s cross-border transactions increased nearly 22% year-over-year in the first quarter of 2022.
“As recently announced, MoneyGram has entered into a definitive agreement under which funds affiliated with Madison Dearborn Partners will acquire all of the outstanding shares of MoneyGram for $11.00 per share in an all-cash transaction valued at approximately $1 $.8 billion The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions, including MoneyGram shareholder approval and the receipt of regulatory approvals, including required approvals in various jurisdictions related to money transfer licenses,” MoneyGram noted of the company’s recent updates.