Connect with us

Published

on

A Monzo debit card being used at a payment terminal.

Monzo

Monzo, the British digital challenger bank, on Monday reported its first full year of profitability.

The fintech startup said in annual financial results that its pre-tax profits totaled £15.4 million ($19.6 million) in its 2023-2024 fiscal year, swinging to the black from a £116.3 million loss the year prior.

Monzo posted revenues of £880 million for the full year, up from £355.6 million in 2022. That marked a more than twofold increase.

Monzo is one of Britain’s largest digital banks, competing with the likes of Starling and Revolut as well as established lenders such as HSBC and Barclays.

How fintech start-up Hiive facilitates pre-IPO investing

Last year, Monzo reported its first month of profit. That marked a major turnaround from 2020, when Monzo warned it faced doubts over its ability to continue “as a going concern” early into the Covid-19 pandemic.

The company has seen significant growth in recent years. This year, it attained a $5.2 billion valuation. That came off the back on investments product in partnership with asset management giant BlackRock.

Continue Reading

Technology

Dogecoin surges 20% after Trump announces a Department of Government Efficiency — DOGE

Published

on

By

Dogecoin surges 20% after Trump announces a Department of Government Efficiency — DOGE

Chesnot | Getty Images

Dogecoin shot higher on Tuesday night, extending its postelection surge after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency, which he referred to as “DOGE” in his statement.

Tesla CEO Elon Musk and Vivek Ramaswamy, former Republican presidential candidate and Strive Asset Management co-founder, will lead the department, Trump said in a statement. Together, they “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

Dogecoin was last up nearly 20%. It has been one of the biggest winners in the postelection rally, gaining 153% since election day compared to bitcoin’s 30% rise in the same period. It also shot past XRP this week to become the sixth largest cryptocurrency by market cap.

Stock Chart IconStock chart icon

hide content

Dogecoin jumped after President-elect Donald Trump announced the creation of the Department of Government Efficiency, or “DOGE.”

Memecoins are seen as a gauge of retail interest and risk appetite in crypto. When memecoin activity ramps up, it usually indicates that retail investors are participating and have an appetite to speculate further out on the risk curve.

Trump initially floated the idea of an efficiency commission in September. Since then, Musk — who has called himself the “Dogefather” in the past and has been known to make public comments about the memecoin that influence its price — has posted on his social media platform X, referring to the commission as the “Department of Government Efficiency” or “D.O.G.E.”

Dogecoin gained relevance in 2021 following Musk’s endorsement and continuous hype on social media, which has since become a big catalyst for the coin. In May that year, Musk’s posts fueled dogecoin’s rally to its all-time high of 67 cents, per Coin Metrics. Though his appearance at the time on SNL, in which he called dogecoin “a hustle,” sent its price crashing down.

The rest of the crypto market was on pause from its postelection rally. Bitcoin was trading flat at about $87,000, after briefly touching $90,000 in late afternoon trading. Crypto stocks Coinbase and MicroStrategy were lower by 1% and 2%, respectively, in extended trading.

Don’t miss these cryptocurrency insights from CNBC PRO:

Continue Reading

Technology

Trump says Musk and Ramaswamy will lead government efficiency group

Published

on

By

Trump says Musk and Ramaswamy will lead government efficiency group

Elon Musk embraces Donald Trump during a campaign rally in Butler, Pennsylvania on Oct. 5, 2024.

Anna Moneymaker | Getty Images

President-elect Donald Trump said Tuesday that Elon Musk and former Republican presidential hopeful Vivek Ramaswamy will lead an efficiency group when his second term begins in January.

Trump wrote in a post that the Department of Government Efficiency, or DOGE, will “become, potentially, ‘The Manhattan Project’ of our time.” He also said the group would, “pave the way” for his next administration to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

Trump didn’t specify where cuts will take place or when the department may be formed. Congress hasn’t created or funded such an office. He said the group’s “work will conclude no later than July 4, 2026.”

Musk’s involvement in the envisioned group was previously promised by Trump and touted by the Tesla CEO, who spent an estimated $200 million backing the Republican nominee’s 2024 campaign, as a reason to put the former president back in the White House. Musk, who also runs defense contractor SpaceX, has reportedly been stationed at Trump’s Mar-a-Lago resort in Florida since Election Night.

Ramaswamy, who challenged Trump in the Republican primary, is co-founder of investment firm Strive Asset Management. He has opposed the widespread adoption of environmental, social and governance, or ESG, principles by companies.

Trump announced a number of other appointments Tuesday, including naming Fox News host Pete Hegseth as his pick for defense secretary and John Ratcliffe as CIA director.

WATCH: Vivek Ramaswamy on Trump’s election victory

Vivek Ramaswamy on Trump's election victory: Let's turn the page to chase the future

Continue Reading

Technology

Spotify shares pop on better-than-expected profit forecast

Published

on

By

Spotify shares pop on better-than-expected profit forecast

The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange on Dec. 4, 2023.

Brendan Mcdermid | Reuters

Spotify shares rose in extended trading Tuesday after the Swedish music streaming company issued a profit forecast for the fourth quarter that topped estimates.

Here’s how the company did, compared with what analysts expected:

  • Earnings per share: 1.45 euros vs. 1.72 euros expected by LSEG
  • Revenue: 3.99 billion euros vs. 4.02 billion euros expected by LSEG
  • Monthly active users (MAUs): 640 million vs. 639 million expected by StreetAccount

While the company’s earnings and revenue for the third quarter trailed estimates, investors focused instead on guidance for the current period.

Spotify said operating income in the fourth quarter will come in at 481 million euros, exceeding the average analyst estimate of 432.7 million euros, according to StreetAccount. MAUs will increase to 665 million, while analysts were expecting 659.3 million, based on a StreetAccount estimate.

Still, revenue guidance trailed estimates. The company said sales will reach 4.1 billion euros, below the average analyst estimate of 4.26 billion euros, according to LSEG.

Subscribers to Spotify Premium, the company’s ad-free membership service that allows users to select songs on an unlimited basis, increased 12% year over year to 252 million, slightly ahead of estimates.

Spotify shares rose about 8% after the report to $452.35 after rising 2.2% in regular trading. The stock has more than doubled in value this year.

WATCH: Spotify is the platform for artists who want to break globally

Spotify is the platform for artists who want to break globally, says Evercore ISI's Mark Mahaney

Continue Reading

Trending