Shares of Western Union (NYSE: WU) were moving higher Wednesday after the money-transfer leader posted better-than-expected results in the first-quarter report it delivered after the bell Tuesday. As of 3:33 p.m. ET, the stock was up by 11%.

In a difficult environment, Western Union said revenue in Q1 fell by 10%, or 1% on a constant-currency adjusted basis, to $1.04 billion. However, that topped estimates of $998.5 million.

Management said revenue fell by 3 percentage points due to its suspension of operations in Russia and Belarus, but had a 2 percentage point gain connected to inflation in Argentina. The unadjusted figure also reflects a sharp drop in revenues from its business solutions segment, which the company is in the process of selling.

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Source Fool.com