Western Union and MoneyGram: Report losses

Western Union and MoneyGram: Report losses

Western Union and MoneyGram: Reported revenue losses in their second-quarter

  • Western Union is chopping its workforce by 10% in coming months to generate $100m annually by 2021 in a bid to cut costs
  • It also reported a 5% decrease year-over-year in revenue to $1.3 billion
  • MoneyGram reported an even bigger revenue loss of 14% year-over-year, falling to $323.8 billion
  • They also revealed a net loss of $27.2m, compared to its net income a year ago of $2.3m
  • MoneyGram did report 16% of its money-transfer revenue made up of digital revenue this quarter
  • It tackled competition from challengers such as Xoom and Remitly Inc by taking a $30m investment from Ripple Inc