Despite announcing an 11% increase in third-quarter profit, WU's stock fell to its lowest level since its IPO in 2006. The reason is that WU's management reduced the company's earnings outlook for the year to $1.23-$1.25 per share from its previous estimate of $1.29-$1.31 per share. Management cited economic slowdowns in many of its markets as reason for the lower outlook, which overshadowed the strong performance in the third quarter.
On October 13, 2008, the Dow Jones Industrial Average surged by more than 900 points on news of the federal government buying stakes in nine of the country's largest banks. On the following day, analysts at JPMorgan upgraded Western Union to overweight, noting that the company's main business is less dependent on discretionary spending than many financial firms.
On July 22, Western Union releases its earnings results for the second quarter of 2008. Net income for the quarter rose 13% from 2007 to $231.5 million on revenue of $1.5 billion. Sluggish domestic sales were more than offset by strong international growth and favorable euro-USD exchange rates.
On June 20, 2008, Western Union reaffirmed its revenue outlook for FY2008 and raised its earnings outlook. Also, WU announced a share buyback on the same day.
Western Union reported a 12% increase in revenue. The company also reported that its US-Mexico Consumer to Consumer business is starting to recover.
Western Union succeeds in getting a warrant temporarily preventing the state of Arizona from seizing suspicious transfers.
Verizon Wireless announces that its users will soon be able to transfer money using their cell phones
Caixa Galacia, a leading financial services provider in Spain was added on to Western Union's agent network.
Western Union's net income falls 7%.
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