Why Western Union Stock Wilted Today
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Western Union's stock fell over 3% following a disappointing quarterly earnings report. Despite a slight revenue beat, GAAP revenue dropped 6% year-over-year, while net income rose 55%. The company revised its 2024 revenue guidance downward, which likely contributed to investor concerns. Although management attributed better-than-expected performance to its Evolve 2025 strategy, revenue from its key consumer money transfer business decreased by 9%. Overall, Western Union's performance is seen as underwhelming compared to peers in the payments sector.
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