Day: March 3, 2023

Dell Q4 2023 and Full-Year Earnings Tops Estimates but Misses Guidance Expectations, Shares Drop 3%

Dell announced that Sweet would retire as the chief financial officer at the end of Q2 and be replaced by Yvonne McGill. Dell Technologies Inc (NYSE: DELL) announced its Q4 and full-year fiscal 2023 financial results on March 2. According to the earnings announcement, the American multinational technology company reported a revenue of approximately $25 billion during the fourth quarter compared to Wall Street expectations of $23.51 billion. The company’s revenue for the fourth quarter declined approximately 11 percent from last year’s fourth quarter. Despite posting better expected financial results,…

a path to sustainable growth

In the last bear market, the decentralized finance (DeFi) market encountered challenges sustaining its growth as investors shifted towards conventional financial avenues. The total value locked (TVL) fell by approximately 62% from its peak in 2021. If critical changes are not implemented, analysts predict a grim outlook. Accordingly, to regain the trust of its users, DeFi should prioritize rewarding its users. Why a reward-based economy is key to resurrecting DeFi Many projects have struggled to attract users and investors as DeFi slips into a lull, thanks partly to the sluggish…

97% of payment firms believe in the power of crypto

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The global payments industry is bullish on the potential of cryptocurrencies and blockchain to enable faster and cheaper transactions, according to a new survey co-hosted by Ripple. Blockchain-based digital payment network Ripple and the Faster Payments Council (FPC) payment organization on March 2 issued a report devoted to the opportunities of crypto-enabled payments. Titled “Transforming the Way Money Moves,” the report provides insights on global crypto payment trends based on a survey sent to over 950 FPC subscribers, such as analysts and CEOs across 45 countries. The survey included a…

Marathon Digital Sold Nearly All Bitcoins Mined in February

The company announced that it would continue adding more Bitcoin miners this year. Marathon Digital Holdings Inc (NASDAQ: MARA), a leading Bitcoin mining company with about 9.5 exahashes, announced its unaudited February production and miner installation updates on March 02. The $760 million-valued Marathon Digital produced 683 Bitcoins in February 2023 and approximately 1,370 BTC quarter-to-date. During the second month of 2023, the company energized about 18,800 Bitcoin Miners, thereby increasing its total hash rate by 30 percent. The Las Vegas, NV- based company increased unrestricted cash and Bitcoin Holdings…

UAE free zone to explore Bitcoin payments for services, lawyer says

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Ras Al Khaimah’s recently announced free zone for virtual asset firms will explore accepting crypto payments from companies looking into setting up their businesses in the emirate, a lawyer involved in the hub’s development said. Dubai-based crypto lawyer Irina Heaver told Cointelegraph that once the Ras Al Khaimah Digital Assets Oasis (RAK DAO) secures the appropriate partners, it will check out crypto payments, including Bitcoin (BTC) and other stablecoins, for corporate registrations, office rent and other services. “After all, cities and cantons in Switzerland have been doing this for years,”…

Bitso and Mastercard Launch Crypto Debit Card for Mexican Customers

The crypto debit card introduced by Bitso will have worldwide utility. Top Latin American crypto exchange, Bitso, in partnership with Mastercard, has announced the launch of its crypto debit card for Mexican customers. The duo first announced their partnership to launch a debit card in August 2022. Bitso’s CEO Daniel Vogel cited user demand as the reason for initiating the development of the card. Data from a recent Mastercard’s New Payment Index study also revealed that 71% of Latin Americans plan to use lesser cash when making purchases. By November,…

Riot’s annual report details $500m net loss in 2022

Riot Platform inc., one of North America’s largest bitcoin (BTC) mining companies, released its 2022 annual financial report indicating a net loss of $509.6 million. According to the annual report released on March 2, the company suffered significant non-cash impairment charges. Non-cash impairment charges are accounting expenses not settled in cash payments. They include amortization, stock depreciation, and goodwill charges. In the case of Riot, non-cash impairment payments related to goodwill, bitcoin, and miner impairments were the most impactful, grossing about $538.6 million. Additionally, bitcoin depreciation and amortization accounted for…

TikTok Revenue from In-App Purchases Far Outweighs Its Top Rivals

TikTok generated more than $350 million from IAPs in the fourth quarter. With the global economy still straining companies around the world, many social media platforms like TikTok are generating such revenue that seems to be forming the basis for other players in the micro-messaging and social media world. According to a recent Forbes report, TikTok raised $205 million more than the combined In-App Purchases (IAP) from Facebook, Instagram, Twitter, and Snapchat. Besides the receding global economy, the privacy policy that was instituted by Apple Inc (NASDAQ: AAPL) back in…

Mortgage Rates Rise Over 7% for First Time since October as Inflation Shows No Signs of Abating

Mortgage rates jumped 7.1% Thursday following last week’s 28-year low decline in homeownership applications due to raging inflation.  Mortgage rates have climbed back over 7% following increased higher yields from inflation fears. According to Mortgage News Daily, the 30-year fixed mortgage average rate jumped to 7.1% on Thursday. Generally, increased concern that inflation is not abating is causing bond yields to rise, with the Fed set to hike rates again. However, although another interest rate hike appears certain, it might not necessarily be a long-term occurrence anymore. The inflation-triggered mortgage rate…