LONDON (Reuters) - Western Union Co (N:WU), the world's largest money transfer firm, expects the second quarter to be its lowest in 2020 in terms of revenue and profit margins and is confident of improvement as lockdowns from COVID-19 ease, its chief financial officer said on Tuesday.
The firm generated revenue of $1.2 billion (964.9 million pounds) in the first quarter, a decline of 11% compared to the prior year period, on a reported basis.
"We saw improved trend in the month of April and given where the various forecasts for economic growth and GDP, we think the second quarter will be the lowest quarter for us during the course of this year from a revenue and profit margins standpoint and hopefully it will improve after we get through the second quarter," Raj Agrawal told Reuters.