Shares of Western Union Co., the world's biggest money-transfer business, fell sharply Tuesday after the company reported a drop in third-quarter profit and revenue.
Net income for the three months ended Sept. 30 fell 20 percent to $214.4 million, or 39 cents a share, from $269.5 million, or 45 cents, a year earlier, the Englewood, Colorado-based company said in a statement. The average estimate of 28 analysts surveyed by Bloomberg was 36 cents.
The stock declined $2.55, or 13 percent, to $16.69 at 6:30 p.m. in extended trading in New York. The shares had advanced 41 percent this year through the close of regular trading, outpacing the 18 percent gain for the Standard & Poor’s 500 Information Technology Index.
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