By Steve Gelsi, MarketWatch
First Data Corp. on Thursday reported a 23% drop in first-quarter profit as the owner of Western Union worked through expenses associated with the integration of its Concord EFS acquisition.
First Data said net income was $374.5 million, or 47 cents a share, down from $483.5 million, or 61 cents, earned in the first quarter of 2004.
The provider of electronic-commerce and payment services tallied quarterly revenue of $2.48 billion, up 10% from the prior year’s nearly $2.26 billion.
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