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Shares of First Data Corp. shed nearly 5 percent Friday after the company detailed how immigration-reform efforts cut into profits at its Western Union subsidiary.
Immigrant workers in the United States are sending less money home in response to the uncertainty surrounding their future status in this country, Duques said. They appear to be holding onto more funds to deal with fines, fees and other costs should the country tighten its immigration policies.
Money transfers from the U.S. to Mexico, a key market for Western Union, grew only 6 percent in the second quarter, down from a 17 percent growth rate in the first quarter.
Western Union’s overall revenue growth rate was about 2 percent slower in the quarter than anticipated.
Despite that, First Data met the earnings and revenue targets that analysts had set for the second quarter. Shares at Colorado’s largest public company declined 4.8 percent Friday to close at $41.76, the lowest price since Nov. 25.
(Posted on July 24, 2006)