Crypto Payments in the Real World

Crypto Payments in the Real World: Can You Pay for Coffee With Bitcoin

For many years, Bitcoin and, by extension, the rest of the cryptocurrency market has been viewed as a form of investment rather than a viable alternative to conventional forms of money. In 2020, however, it appears as if the tide is finally turning, with major brands such as JPMorgan Chase and Starbucks now pledging support for the asset class.

While the former intends to launch a stable coin pegged to the US Dollar, the coffee giant announced a partnership with crypto derivatives provider Bakkt. As of March 16, 2020, Starbucks has already started beta testing a new feature that will allow customers to use Bakkt Cash as a payment method.

The Benefits of Crypto Payments

Cryptocurrencies offer a myriad of advantages to consumers as well as merchants. Unlike fiat currencies like the U.S. Dollar and Euro, digital tokens retain value and usability across borders.

While companies like Visa and Mastercard offer retailers the option to convert incoming payments to their local currencies, this service requires both transacting parties to pay high fees ranging from one to five percent. Furthermore, popular payment processors such as PayPal and Stripe often add their commissions on top of these fees. At 6.82 percent, the average remittance fee rate is also prohibitively expensive for personal money transfers.

Digital currencies, on the other hand, are completely decentralized and can be exchanged even in the absence of a third party or trusted institution. As a result, merchants, retailers, and consumers all retain a greater percentage of their wealth and income when using cryptocurrency.

Transaction time is another major factor in favor of digital currencies. While traditional banking channels such as wire transfers and online remittance platforms like PayPal transfer funds internationally in a matter of weeks, cryptocurrencies can successfully settle transactions in a matter of minutes. In the case of digital currencies such as Nano, settlement times can be brought down to a single second or even lower. With

Finally, there is the aspect of convenience. According to the World Bank, a staggering 1.7 billion adults worldwide do not hold an account with a bank or financial institution. While most banks require infrastructure and local presence to set up accounts in impoverished regions, digital assets can be owned and exchanged with relatively little hassle. Creating a new crypto wallet requires only a smartphone or similar computing device along with an internet connection. Because of this, many believe that blockchain technology will drive financial inclusion globally and ‘bank the unbanked’.

Crypto Payments on the Rise?

According to a report published by Kaspersky in 2018, approximately 13 percent of surveyed individuals from 22 countries reported having used cryptocurrency as a payment method at some point. With the crypto market’s surging popularity, that figure is only expected to rise in the future. Furthermore, blockchain and non-blockchain enterprises are now offering unique ways to earn, spend, and exchange digital tokens, either online or offline.

Let us take a look at two strong examples that aim to bring cryptocurrency to mainstream relevance.

Aloha

Aloha is a revolutionary new service that allows anyone to earn rewards in the form of tokens by simply sharing their unused or excess mobile data with other users in the Aloha ecosystem. With over 2.5 billion phone users and a significant percentage of them having difficulty getting online, Aloha aims to not only offer an innovative use-case of blockchain technology, but also boost internet penetration in several regions.

Hosts that share their data with other users are rewarded in the form of Aloha tokens. These tokens can later be exchanged on third-party cryptocurrency exchanges or redeemed for real-world products and services on partner brands and retailers.

Wirex

After physical cash, debit and credit cards are some of the most popular means of payment globally. According to The Nilson Report, there were approximately 20.48 billion credit, debit, and prepaid cards in circulation globally as of December 31, 2017. Wirex, a UK-based startup, hopes to make cryptocurrency payments extremely accessible by offering crypto wallets linked to physical debit cards. These cards are virtually identical to the ones provided by a bank and can, similarly, be used to purchase day to day items at any ordinary retailer or e-commerce platform.

Wirex made headlines when it announced a partnership with financial services company Visa to launch a travel debit card that would automatically inter-convert 12 digital and fiat currencies at the time of transaction settlement. Such an offering would allow Wirex users to hold Bitcoin and other cryptocurrencies in their wallet right upto the moment they initiate a purchase using the card. While mobile-based, QR code payments are likely the future of cryptocurrency payments, Wirex’s Visa card may very well be the stopgap solution needed for mass adoption of crypto.

Conclusion

All in all, it appears as if the world is finally warming up to the idea of using cryptocurrencies in the real-world. While Bakkt, Wirex, and Aloha are promising new ventures in this landscape, other factors like the growing number of Bitcoin ATMs and an increasing offline acceptance of digital currencies are also trends worth looking out for in the coming months.

Luminati v. Oxylabs Patent Lawsuit Reaches Final Dismissal

On 3rd January 2020, Luminati (Luminati Networks Ltd.) failed to further pursue its legal action against Oxylabs in a patent case regarding alleged infringement of its two U.S. patents and settled the lawsuit.

It all started on 19 July 2018 when Luminati filed an unjustified lawsuit against Oxylabs, claiming that two Oxylabs products – Oxylabs’ residential proxy network service and Real-Time Crawler – allegedly infringed Luminati’s patents. The lawsuit ended with the Court dismissing all of Luminati’s claims with prejudice.

Besides the lawsuit, Luminati also took further, extra-judicial actions and sent messages to other market players via private channels, informing them about the ongoing litigation. As a last resort, Luminati contacted Oxylabs’ clients, suggesting that they were at risk of being taken to court if they continued their partnership with Oxylabs. But all these efforts flopped and had no effect on Oxylabs’ business as all of the Oxylabs clients that Luminati contacted stayed with the company.

Ultimately, after an exhausting and fruitless legal fight, Luminati was left with no other rational choice than to dismiss its claims. On 3 January 2020, the parties agreed on a resolution of the case and the Court ultimately dismissed Luminati’s case with prejudice. An important point to note is that Luminati agreed to resolve the case while fully understanding that it can never again assert infringement against Oxylabs’ accused products on the same patents.

Oxylabs is pleased with the non-surprising outcome of the case and considers it a win. Oxylabs maintains that Luminati’s unfair behavior is simply an aggressive attempt to strengthen market position through legal action and harassment, instead of technological innovation and best business practices.

Oxylabs is not intimidated by such hostility and will continue to successfully develop its business. Furthermore, the company will continue to protect its technology and reputation no matter what, with all available remedies.

Finally, Oxylabs will always strive to ensure a fair market in which innovation thrives through legitimate competition, delivering increasingly better products and as much value as possible for its clients.

About Oxylabs

Oxylabs is the leading provider of premium data centre and residential proxies for high-scope web data extraction. Our mission — everyone has the right to access big data — and we make sure it’s available for all businesses, small and big alike. With decades of hands-on experience in web data harvesting, Oxylabs is in trusted partnerships with dozens of Fortune 500 companies and global businesses. Oxylabs helps its clients unearth the hidden gems of business intelligence data by not only providing state-of-the-art products but also by sharing our extensive experience and know-how with our valued partners.

For more information about Oxylabs can be found at: https://oxylabs.io/about-us

Publisher media contact information

Name: Vytautas Kirjazovas
Company: Oxylabs
Website: oxylabs.io
Email: press@oxylabs.io

An Interview With Pranav Arora, Founder And CEO Of Stunned Mind

Pranav Arora has proven himself to be an entrepreneur at heart, even at a very young age. He’s started his first million-dollar business at the age of 16. Pranav is a brilliant businessman driven by a passion to make a change and a keen skillset that it takes to be successful within the world of business. He’s the Head of Division at Just Funky where he is also responsible for overseeing B2B and B2C sales and marketing.

Hello Pranav, it’s indeed a pleasure to have you with us, welcome to Startup Fortune. Being a highly successful entrepreneur at a very young age, could you tell a little about your early journey to entrepreneurship?

I have always felt a passion for entrepreneurship. When I was younger, I would constantly come up with new business ideas that I would want to share with my parents. In middle school, I began my first “business” by buying packs of gum and pencils then sold them to my classmates in between our classes. This was my first real taste of being an entrepreneur, and I was in love.

When I was sixteen years old I started my first business. It was called Highly Educated and was a business focused on selling smoke products and accessories like hookahs, stash jars, and incense. Through the remainder of high school and into the first half of college I grew my business in my spare time. After half a semester at college, I made the decision to drop out and focus my full attention on growing my business.

This decision was one that was not well received by everyone, especially my parents. However, I knew to effectively grow my business I needed to give it my full attention. Once I made that choice, I never looked back. I was able to successfully grow Highly Educated to be a million-dollar company. It was after a few years of growing the business that I made the decision to sell and pursue other passions.

Today, I hold the position as Head of Division at Just Funky, a premier manufacturer of all things pop-culture as well as the founder and CEO of Stunned Mind, the sister company to Just Funky that handles all e-commerce business. Looking towards the future, I am excited to help grow Just Funky and Stunned Mind, as well as, develop my new companies Naturable, Deciph-AR, and JTMD Holdings.

Did your parents feel comfortable when you decided to become your own boss instead of pursuing a conventional career path?

In the beginning, when I made the decision to drop out of college to pursue my business full time I could tell they were not supportive, but I think that would be a normal reaction from most parents. However, when they saw how passionate and determined I was to make my business work, paired with my growing success the finally gave me their full support.

On your journey to becoming a successful entrepreneur, what skills and tools do you think are fundamental to success in business?

Fundamental skills to have when becoming a successful entrepreneur and business owner are passion, determination, and willingness to learn.

Passion and determination will get you through the many ups and downs that ultimately come with being an entrepreneur. It is easy to put in the work on days when everything is going right, but the truly hard work comes when you have to put in the work for weeks when nothing is going right.

As I mentioned above, the road to building a business will be filled with countless ups and downs. To thrive as an entrepreneur it is important that you learn from every decision that you make. There is an amazing quote my dad has attached to all of his emails. It reads, “you can never make the same mistake twice… because the second time you make it, it’s not a mistake, it’s a choice.” I have let that quote guide me through my entrepreneurial journey and found that it has saved me from repeating a majority of the messy mistakes I made at the beginning of my journey.

What was it like to be a teenager and at the same time be a responsible business person? Did you feel any pressure back when you were starting out?

I will be honest, it was hard. I was stuck between wanting to be a regular teenager and desperately wanting to be a business person. In the end, my passion for wanting to start my own business outweighed my want to be a normal teenager. This meant I never fully enjoyed my teenage years and missed out on a lot of events others might look forward to. However, in its place, I accomplished goals some people wait decades to make. When it is all said and done, I am happy with the decisions I have made.

Could you tell us a bit about the initial challenges you had to face while building your business?

The two biggest challenges I faced while building my business were not having the complete support from people were closest to me and not having sufficient funds to scale the business right away.

How do you feel when finding yourself doing so much more than the regular person you age? Do your friends and family treat you any different?

It can be odd to spend time with people my own age. Most of my young adult life has been spent around business professionals who are much older than me. When I do have the chance to spend time with friends my own age I need to remind myself to act my actual age and enjoy being young.

I would say my friends and family do tend to sometimes treat me a little differently. Though, at the end of the day, I am a normal person.

In your experience, what is the most important quality as a person one must possess to become a successful entrepreneur?

When pursuing the path of being a successful entrepreneur, the most important quality to have is determination. When challenges arise, it will take grit and determination to find a solution.

What is your advice to the young entrepreneurs who are still struggling to find success with what they do?

Never give up. If you find something you believe in, pursue it with everything you have. One day, all your hard work and determination will pay off and you will be happy you never gave up.

Potential X Introduces FocusBuds, the World’s First Productivity Boosting Earbuds

FocusBuds by Potential X are smart earbuds that uses EEG Neurofeedback to help people get into the flow state

Palo Alto, CA, Oct. 30, 2019: In today’s world of open offices and constant distractions from iPhone notifications and online advertisements, it is harder and harder for people to focus. Over the course of our careers, 20,000 hours are wasted on being distracted in the workplace. Potential X wants to change this with their latest product, the FocusBuds – which Kevin O’Leary from the Shark Tank calls the “next step in the evolution of earbuds”.

These game-changing earbuds are now live on Indiegogo. The FocusBuds is a pair of next-generation wireless earbuds that brings together state-of-the-art audio integrated with EEG Neurofeedback technology to help users achieve focus like never before.

The FocusBuds works by tracking the user’s brain activity in real-time with embedded EEG biosensors, it then provides a gentle audio cue to alert users whenever their focus drops. This type of conditioning is called EEG Neurofeedback and works to train the users’ brain to concentrate and eliminate procrastination.

Invented in the late 1950s, EEG Neurofeedback technology has been repeatedly proven to enhance performance (Gruzeier, 2016) and is as powerful as Ritalin (Fuchs, 2016). However, this technology has previously only been accessible to F500 CEOs, NASA astronauts and peak performance gurus like Tony Robbins – who spent $15,000 a week on the same technology that is now available to the general public for only $249.

Renowned NASA Scientists Alan Pope from the Langley Research Centre suggests that “embedding beneficial, helpful biofeedback in everyday activities will be a valuable contribution to society”. Co-founder Sahin Ozsoy responded in detail, emphasising that this is precisely the mission of Potential X which is “to help unlock human potential by making this technology affordable and accessible to everyone.”

On top of EEG Neurofeedback, FocusBuds also has real-time AI focus tracking, wireless connectivity and noise isolation among a host of other premium features. It is not hard to see why the FocusBuds are shaping up to be one of the most advanced cognitive-enhancing wearables in 2020.

About Potential X

Potential X has offices in Palo Alto and London. The company was originally founded by a group of neuroscientists, machine learning experts and entrepreneurs who came together to serve a common purpose: working together to make affordable and accessible tools for unlocking human potential.

The Potential X Focusbuds is currently on Indiegogo at over 35% off retail prices.

—–

For more information:

Chris Le

PR and Media Relations

chris@potential-x.com

Hot Stock to Track: First Majestic Silver Corp. (NYSE: AG)

VANCOUVER, British Columbia, July 26, 2019 – Shares of First Majestic Silver Corp. (NYSE: AG) inclined 1.46% to $9.81. The stock traded total volume of 3.086M shares lower than the average volume of 3.79M shares.

First Majestic Silver Corp. (AG) reported first-quarter net income of $2.90M, after reporting a loss in the same period a year earlier. On a per-share basis, the Vancouver, British Columbia-based company said it had net income of 1 cent. Losses, adjusted for non-recurring gains, were 1 cent per share. The results matched Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for a loss of 1 cent per share.

Q1 2019 FINANCIAL RESULTS:

Revenues generated in the first quarter totaled $86.80M, a boost of 48% contrast to $58.60M in the first quarter of 2018 mainly because of the acquisition of the San Dimas mine in the second quarter of 2018, which resulted in a 60% increase in silver equivalent ounces sold, partially offset by a 6% decrease in average realized silver price contrast to the same quarter of the prior year.

The Company reported mine operating earnings of $10.30M contrast to ($0.40)M in the first quarter of 2018. The increase in mine operating earnings in the quarter was attributed to the San Dimas and Santa Elena mines, which generated mine operating earnings of $11.20M and $5.10M, respectively, mainly offset by losses at the Del Toro and La Parrilla mines because of reduced production levels.

Cash flow from operations before movements in working capital and income taxes in the quarter was $23.70M ($0.12 per share) contrast to $15.60M ($0.09 per share) in the first quarter of 2018.

The Company generated net earnings of $2.90M (EPS of $0.01) contrast to ($5.6)0M (EPS of $(0.03)) in the first quarter of 2018. Adjusted net earnings for the quarter was ($2.90)M (adjusted EPS of $(0.01)), after excluding non-cash and non-recurring items.

Cash and cash equivalents at March 31, 2019 was $91.50M, a boost of $34.50M contrast to the previous quarter, while working capital increased to $130.90M. The increase in cash and cash equivalents was mainly attributed to the sale of 5,250.0K common shares of the Company through its “at-the-market distribution” program at an average price of US$6.34 per share for gross proceeds of $33.60M, or net proceeds of $32.50M after costs.

OPERATIONAL HIGHLIGHTS:

Total production in the first quarter reached 6.273M silver equivalents ounces, consisting of 3,331,388.0M ounces of silver, 32,037 ounces of gold, 2.661M pounds lead and 1.265M pounds of zinc. Contrast to the previous quarter, total production reduced slightly by 3% because of lower throughput and production at the Del Toro and La Parrilla mines, partially offset by a boost in production from the La Encantada mine. Pure silver production increased 2% as a result of higher grades at the San Dimas and La Encantada mines.

COSTS AND CAPITAL EXPENDITURES:

Total capital expenditures in the first quarter were $28.70M, mainly consisting of $8.20M at San Dimas, $4.80M at Santa Elena, $2.90M at La Encantada, $2.40M at San Martin, $2.80M at La Parrilla, $1.00M at Del Toro and $6.60M for planned projects which includes about $6.00M for the purchase of two HIG mills.

AG has the market capitalization of $1.99B and its EPS growth ratio for the past five years was -31.03%. Price to sales ratio was 6.03.

Earnings Results Analysis: Precision Drilling Corporation (NYSE: PDS)

CALGARY, Alberta, July 5, 2019 – Shares of Precision Drilling Corporation (NYSE: PDS) declined -0.53% to $1.86. The stock traded total volume of 474.388K shares lower than the average volume of 1.05M shares.

Precision Drilling Corp. (PDS) reported first-quarter net income of $18.80M, after reporting a loss in the same period a year earlier.

Summary for the three months ended March 31, 2019:

  • Revenue this quarter was $434.0M which is 8% higher than the first quarter of 2018. The increase in revenue is mainly the result of higher activity and average day rates in our U.S. contract drilling business, offset by lower Canadian drilling activity. Contrast with the first quarter of 2018, our activity for the quarter, as measured by drilling rig utilization days increased by 23% in the U.S. while Canada reduced by 33% and international activity remained consistent. Revenue from our Contract Drilling Services and Completion and Production Services segments increased 8% and 12%, respectively.
  • Adjusted EBITDA for the quarter was $108.0M, a boost of $10.0M from the previous year. Our Adjusted EBITDA as a percentage of revenue was 25% this quarter, contrast with 24% in the comparative quarter of 2018. Adjusted EBITDA this quarter was positively influenced by higher activity and day rates in the U.S., changes to the recognition of lease-related expenses under IFRS 16 and lower share-based incentive compensation expense offset by lower Canadian drilling activity and restructuring costs of $6.0M regarding severance costs as we continued to align our cost structure to reflect reduced Canadian activity levels. With the adoption of IFRS 16, lease-related charges of $3.0M in the first quarter of 2019 were recognized through finance charges and depreciation and amortization expense. Historically, these charges were reflected in operating and general and administrative expense. Total share-based incentive compensation expense for the quarter was $9.0M contrast with $10.0M in the first quarter of 2018.
  • Operating earnings this quarter were $62.0M contrast with $10.0M in the first quarter of 2018. Operating earnings this quarter were positively influenced by the gain on asset disposals and impairment reversal from the disposition of our Mexico drilling equipment and changes to the recognition of lease-related expenses under IFRS 16 partially offset by restructuring costs.
  • General and administrative expenses this quarter were $31.0M, $2.0M higher than in 2018. The higher general and administrative costs in 2019 were because of the weakening of the Canadian dollar on our U.S. dollar denominated costs.
  • Net finance charges were $31.0M, a decrease of $1.0M contrast with the first quarter of 2018, mainly because of a reduction in interest expense related to the debt stepped down in 2018 and 2019, offset by the impact of the weakening of the Canadian dollar on our U.S. dollar denominated interest and $1.0M of lease accretion charges resulting from the adoption of IFRS 16 on January 1, 2019.
  • We realized revenue from international contract drilling of US$36.0M in the first quarter of 2019, in-line with the prior year period. Average revenue per utilization day in our international contract drilling business was US$49,940 consistent with the comparable prior year quarter. During the quarter, we signed three-year contract renewals for two rigs in Saudi Arabia, one-year extensions for two Kuwait rigs and sold our Mexico-based drilling assets for proceeds of US$48.0M resulting in a gain on sale of US$24.0M and a US$4.0M impairment reversal.
  • Directional drilling services realized revenue of $10.0M in the first quarter of 2019 contrast with $9.0M in the prior year period.
  • Funds offered by operations in the first quarter of 2019 were $96.0M, a decrease of $8.0M from the prior year comparative quarter of $104.0M. The decrease was mainly the result of the timing of $20.0M of cash interest payments as we did not have a first quarter interest payment on our senior notes due 2026 in 2018, partially offset by improved operating results.
  • Capital expenditures were $71.0M in the first quarter, a boost of $41.0M over the same period in 2018. Capital spending for the quarter included $66.0M for upgrade and expansion capital, mainly related to our sixth new-build rig for Kuwait and a U.S. new-build rig under long-term contract, and $5.0M for the maintenance of existing assets, infrastructure spending and intangibles.

PDS has the market capitalization of $546.43M and its EPS growth ratio for the past five years was -28.50%. The return on assets ratio of the Company was -6.70% while its return on investment ratio stands at -5.00%. Price to sales ratio was 0.45 while 45.90% of the stock was owned by institutional investors.

Hot Stock in Focus: Imperial Oil Limited (NYSE: IMO)

CALGARY, Alberta, June 25, 2019 – Shares of Imperial Oil Limited (NYSE: IMO) showed the bearish trend with a lower momentum of -1.87% to $27.83. The company traded total volume of 213.351K shares as contrast to its average volume of 309.15K shares. The company has a market value of $21.94B and about 788.48M shares outstanding.

Imperial Oil Ltd. (IMO) reported first-quarter profit of $220.40M. The Calgary, Alberta-based company said it had profit of 29 cents per share. The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share. The oil and gas and petroleum products company posted revenue of $6.0B in the period.

The Company offered net profit margin of 6.00% while its gross profit margin was 20.50%. ROE was recorded as 8.70% while beta factor was 0.93. The stock, as of recent close, has shown the weekly upbeat performance of 3.11% which was maintained at 9.91% in this year.

Eye-Catching Stock Buzz: Helmerich & Payne Inc. (NYSE: HP)

TULSA, Okla., June 23, 2019 – Shares of Helmerich & Payne Inc. (NYSE: HP) gained 0.08% to $51.11. The stock grabbed the investor’s attention and traded 2.074M shares as compared to its average daily volume of 1.20M shares. The stock’s institutional ownership stands at 99.40%.

Helmerich & Payne, Inc. (HP) stated income of $61.0M or $0.55 per diluted share from operating revenues of $721.0M for the quarter ended March 31, 2019, contrast to income of $19.0M, or $0.17 per diluted share, on revenues of $741.0M for the quarter ended December 31, 2018. Net income per diluted share for the second and first fiscal quarters of 2019 include $(0.01) and $(0.25), respectively, of after-tax losses comprised of select items.

Net cash offered by operating activities was $200.0M for the second quarter of fiscal 2019 contrast to $209.0M for the first fiscal quarter of fiscal 2019.

HP has a market value of $5.59B while its EPS was booked as $0.65 in the last 12 months. The stock has 109.33M shares outstanding. In the profitability analysis, the company has gross profit margin of 35.20% while net profit margin was 2.60%. Beta value of the company was 1.50; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 2.40.

Earnings Buzz: Houston American Energy Corp. (NYSE: HUSA)

HOUSTON, June 21, 2019 – Houston American Energy Corp. (NYSE American: HUSA) recently declared that net income for the fourth quarter of 2018 was $64.665K contrast to a net loss of $282.663K for the fourth quarter of 2017.  For the twelve months ended December 31, 2018, net loss was $251.336K contrast to a net loss of $2.037M for the twelve months ended December 31, 2017.

Oil and gas revenues were up 256% for the year, to $2.243M for 2018 as contrast to $630.392K in 2017.  The increase in revenues was attributable to production from the Company’s Reeves County, TX wells which came on line late in 2017. The Company’s commitment to lower operating costs and stringent financial controls had a positive impact during the year with general and administrative costs decreasing 33% to $1.422M in 2018 from $2.128M in 2017.

Other financial metrics improved in 2018, highlighted by:

  • Cash flow from operating activities of $360.792K for the year ended December 31, 2018 vs. cash used in operating activities of $1.716M for the year ended December 31, 2017
  • Proved reserve PV10 valuation of $7.714M at December 31, 2018 vs. $6.848M at December 31, 2017
  • Cash on hand of $755.702K at December 31, 2018 vs. $392.062K at December 31, 2017
  • A current ratio of 15:1 at December 31, 2018 vs. 5:1 at December 31, 2017
  • Total liabilities of $145.478K at December 31, 2018 vs. $236.560K at December 31, 2017; and no long-term debt.

Brief Overview on Company’s Performance: Freeport-McMoRan Inc. (NYSE: FCX)

On Tuesday, Shares of Freeport-McMoRan Inc. (NYSE: FCX) showed the bullish trend with a higher momentum of 3.63% to $11.13. The company traded total volume of 24.906K shares as contrast to its average volume of 20.07M shares. The company has a market value of $16.42B and about 1.48B shares outstanding.

Freeport-McMoRan Inc. (FCX) stated net income attributable to common stock of $31.0M ($0.02 per share) in first-quarter 2019. After adjusting for net charges of $36.0M ($0.03 per share), adjusted net income attributable to common stock totaled $67.0M ($0.05 per share) in first-quarter 2019.

Consolidated Sales Volumes:

First-quarter 2019 copper sales of 784.0M pounds and gold sales of 242.0K ounces were about five percent lower than January 2019 sales estimates of 825.0M pounds of copper and 255.0K ounces of gold, reflecting impacts from weather events at El Abra, unplanned maintenance in North America and timing of shipments in Indonesia. First-quarter 2019 copper and gold sales were lower than first-quarter 2018 sales volumes mainly reflecting anticipated lower mill rates and ore grades as PT Freeport Indonesia (PT-FI) transitions mining from the open pit to underground.

First-quarter 2019 molybdenum sales of 22.0M pounds were lower than the January 2019 estimate and first-quarter 2018 sales of 24.0M pounds.

Sales volumes for the year 2019 are expected to approximate 3.30B pounds of copper, 0.80M ounces of gold and 94.0M pounds of molybdenum, counting 800.0M pounds of copper, 265.0K ounces of gold and 25.0M pounds of molybdenum in second-quarter 2019. As PT-FI transitions mining from the open pit to underground, its production is expected to be significantly lower in 2019 and 2020, contrast with 2018. Metal production is expected to improve significantly by 2021 following a ramp-up period.

Capital Expenditures:

Capital expenditures totaled $622.0M in first-quarter 2019 (counting about $370.0M for major mining projects).

Capital expenditures are expected to approximate $2.50B for the year 2019, counting $1.50B for major mining projects mainly associated with underground development activities in the Grasberg minerals district and development of the Lone Star project, and exclude estimates associated with the new smelter in Indonesia. A large portion of the capital expenditures relate to projects that are expected to add noteworthy production and cash flow in future periods, enabling FCX to generate operating cash flows surpassing capital expenditures in future years. FCX has cash on hand and the financial flexibility to fund these expenditures and will continue to be disciplined in deploying capital.

Debt:

 At March 31, 2019, FCX’s consolidated debt totaled $9.90B, with a related weighted-average interest rate of 4.7 percent. FCX had no borrowings, $13.0M in letters of credit issued and $3.50B available under its revolving credit facility at March 31, 2019.

During first-quarter 2019, FCX redeemed its entire outstanding $1.0B aggregate principal amount of 3.100% Senior Notes due 2020 and repaid $200.0M under Cerro Verde’s credit facility. FCX recorded losses on early extinguishment of debt totaling $6.0M in first-quarter 2019.

The Company offered net profit margin of 11.00% while its gross profit margin was 23.10%. ROE was recorded as 19.80% while beta factor was 2.27. The stock, as of recent close, has shown the weekly upbeat performance of 4.80% which was maintained at 7.95% in this year.