The American financial transaction company, Western Union (WU.N), has raised its annual profit expectations following a successful second quarter. The growth was largely due to increased deals in the consumer-to-consumer (C2C) service, resulting in a 4% rise in shares.
The company experienced a surge in its C2C business as the global markets recovered and unemployment rates decreased, thanks to robust cross-border transactions.
The company has reported a notable growth in its operations in Iraq, attributing it to policy adjustments made by the Central Bank of Iraq.
Western Union anticipates a considerable decrease in transfer volumes related to Iraq due to the recent measures taken by the US government to prevent 14 Iraqi banks from conducting transactions in dollars.
Since 2021, Western Union has reported the highest growth in its C2C business. The revenue for money transfer and transactions has increased by 4% for the three months that ended on June 30.
The company has updated its projected range for adjusted earnings per share in 2023 to be between $1.65 and $1.75. This is an increase from the previous estimate of $1.55 to $1.65.
The headquarters of Western Union Corporation can be found in Denver, Colorado. This company is a top provider of financial transactions and communication services.
Western Union operates various divisions offering a range of products, including person-to-person money transfers, money orders, commercial payments, and merchant services.