Western Union shares surge 4% following Q2 beat

Western Union (NYSE:) shares rose nearly 4% after-hours following the company’s reported , with EPS of $0.51 coming in better than the consensus estimate of $0.39.

Revenue grew 3% year-over-year (or 9% on a constant currency basis) to $1.17 billion, beating the consensus estimate of $1.04B.

“Growth in our C2C transactions was the highest since 2021, primarily driven by our branded digital go-to-market program. We also experienced an increase in revenue from Iraq arising from prior changes in Iraqi monetary policies,” said CEO Devin McGranahan.

The company raised its fiscal 2023 revenue and EPS outlook due primarily to business performance in Iraq. 2023 GAAP EPS is expected in the range of $1.63 to $1.73 (vs. prior $1.53-$1.63), compared to the consensus estimate of $1.62. Revenue growth is now seen at (5%)-(3%), compared to the previous range of (9%)-(7%).