Credit card issuer American Express Company (AXP) recently announced its quarterly earnings reporting a 76% drop in Q1 profits. The company’s net income fell to $367 million, or 41 cents per share, for the quarter ending March 31 from $1.55 billion, or $1.80 per share, a year earlier.
Total revenue, excluding interest expense, dropped to $10.3 billion from $10.4 billion. The company set aside $2.6 billion to cover potential losses arising from the pandemic.
Dow 30 component American Express Company (AXP), and its subsidiaries provide customers and businesses globally with charge and credit payment card products and travel-related services. They look to enrich the lives of their customers and build business success. To learn more about American Express Company (AXP) and to continue to track its progress please visit the Vista Partners American Express Coverage Page.
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