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American multinational chain of coffeehouses and roastery reserves, Starbucks Corporation (NASDAQ: SBUX) has released its fourth quarter 2022 performance report as revenue slightly misses analyst’s expectations The company said its revenue came in at $8.71 billion, a figure that is down from the $8.78 billion estimated based on analyst’s expectations.
Starbucks remains the coffeehouse of choice for millions of consumers in the United States and around the world. The company posted 75 cents as its Earnings Per Share (EPS), a miss from the consensus estimate of 77 cents.
The firm reported fiscal first-quarter net income of $855.2 million, or 74 cents per share, up from $815.9 million, or 69 cents per share, a year earlier. By a very good margin, Starbucks recorded an impressive growth trend in the United States even though the COVID-19-related outbreak in China, its second-largest market dragged down its performance.
The company’s interim Chief Executive Officer, Howard D. Schultz said the firm recorded a significant growth in the Asian country following the relaxation of its COVID-19 lockdowns. However, took a wrong turn when the country started recording a resurgence in the number of cases following the move.
“With the resurgence has come renewed lockdowns and mobility restrictions pursuant to China’s strict zero COVID policy including in many cities in which we operate, meaningfully reducing traffic in our stores,” Schultz said adding that the company “anticipate the current COVID-related uncertainty to continue and repeat the view we shared on our Q3 call and our Investor Day that while our long-term aspirations for China remain undiminished, we expect the recovery of our business in the country to be nonlinear.”
Starbucks revealed that as many as 1,800 locations in China were under lockdowns, a significant cut of its 6,090 locations in the country.
While the currently reported Starbucks revenue dropped below expectations, the company is optimistic that the revenue for the current fiscal year is bound to grow by 10% to 12%. The firm is optimistic its Earnings Per Share will rise by 15% to 20% on the low end.
The company is planning to capitalize on its most active market, the United States. By banking on the growing subscribers to its Loyalty Reward program which topped over 30.4 million, Starbucks maintained a strong backing for its revenue.
Starbucks is known for its innovation in driving customer engagement, a move that has made it secure a partnership with Web 3.0 startup, Polygon. While on his way out of the company as CEO, Schultz teased that an announcement is coming up in February about “an enduring transformative new category” that he discovered while visiting Italy in the past summer.
To him, the category is best described as alchemy. With cost-cutting measures underway, Starbucks is looking to keep up with its growth tracks into the near future. The company’s shares slid 1.77% in the After Hours session to $107.22.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Cardano, through its accelerator, AdaVerse, has announced that it has invested an undisclosed amount into a seed funding round for AfriGuild, a blockchain gaming guild that also runs a DAO.
AfriGuild, which operates in gaming, education and community building, is in a mission to onboard 100 million Africans into Web3 over the next 5 years.
The investment comes a few days after Adaverse Investment manager, William Phelps, visited Benin for a blockchain and cybersecurity conference.
Speaking about the investment, Shogo Ishida, Co-CEO, EMURGO Africa, Middle East & Africa, said:
“Africa is socially communal and Afriguild is building the bridge to financial breakthrough by connecting young Africans to the emerging Web3 world.”
– Co-CEO, EMURGO Africa
Launched in September 2021, Adaverse aims to support the growth of African startups on the Cardano blockchain with the following sectors highlighted:
Interested parties can apply for their accelerator here.
In a statement, Adaverse said:
“Afriguild started out in 2021 as a social gaming enterprise that ensures top-rated Web3 games are accessible and profitable for Africans.”
– AdaVerse
While GameFi is being adopted across the world, Cardano noted that Africa lags behind because ‘the majority of Web3 games with high yield assets are not popular in Africa due to the high cost of entry and complex gaming environment.’
AfriGuild’s goals is to address the above issue by ‘aggregating the top games and simplifying them, as it takes the opportunity to create a community on social and real life channels.’
So far, AfriGuild has 3,000 members on its Discord and is said to be ‘actively creating in-person blockchain communities across tertiary institutions in Africa.’
AfriGuild, which has a presence in 9 cities in Nigeria, plans to expand into 4 African countries by the end of 2022.
The press release by Adaverse also pointed out that the GameFi industry could be worth $314 billion by 2026, with the continent’s 747 million mobile users predicted to play a big role in gaming adoption.
American payments services provider, Mastercard has announced the acquisition of blockchain intelligence and security services provider, CipherTrace. According to the official announcement, the terms of the deal were not made public, however, the acquisition will come off as a mutually beneficial move for both Mastercard and CipherTrace.
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CipherTrace provides crypto intelligence tools that help in tracking transactions that are on-chain easy. With the company’s solutions, digital currency transactions are no longer invincible and bad actors can easily be fished out for prosecution. The CipherTrace model helps numerous stakeholders in the cryptocurrency ecosystem including cryptocurrency exchanges, banks, and regulators to keep track of events in the space in a bid to guarantee adherence to regulations.
“We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe,” said Dave Jevans, CEO, CipherTrace. “Our two companies share this vision to provide security and trust throughout the ecosystem. We are thrilled to join the Mastercard family to scale CipherTrace’s reach across the globe.”
While the deal reinforces Mastercard’s reach to create a diverse alternation of moving value around the world, CipherTrace is positioned to benefit from the deep stretch of funding and industry reach that Mastercard will have to offer.
The digital currency ecosystem is a trustless world, and the partnership between Mastercard is aimed at promoting trust in this nascent industry.
“Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this.”
The mainstream adoption of cryptocurrencies will continue to see a drawback when regulators or market watchdogs are unable to keep track of events in the space. The Mastercard and CipherTrace combo will attempt to allay the fears of authorities while helping to recreate standards upon which transparency in the digital currency ecosystem can be built.
The deal is expected to close by the end of the year.
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