American Express Company (NYSE: AXP) reported its financial results for the quarter ended March 31, 2020 today.
![](https://cdn.news.alphastreet.com/wp-content/uploads/2020/04/American-Express-Earnings-Trend-1024x621.jpg)
American Express posted a 76% dip in earnings for the first quarter of 2020 due to the softness in spending volumes beginning in the last few days of February that significantly accelerated in March as a result of COVID-19 impacts. In light of the current environment, the company is aggressively reducing costs across the enterprise, while at the same time selectively investing in initiatives that are key to its long-term growth strategy.
![](https://cdn.news.alphastreet.com/wp-content/uploads/2020/04/American-Express-Q1-2020-Earnings-Infographic-649x1024.jpg)
The provision for losses soared to $2.6 billion from $809 million a year ago, due primarily to a significant reserve builds of $1.7 billion, which reflects the deterioration of the global estimated macroeconomic outlook as a result of COVID-19 impacts.
Past Performance
Most Popular
Key metrics from Biogen’s (BIIB) Q4 2024 earnings results
Biogen Inc. (NASDAQ: BIIB) reported its fourth quarter 2024 earnings results today. Total revenue increased 3% year-over-year to $2.5 billion. Net income attributable to Biogen Inc. was $266.8 million,
Important takeaways from Coca-Cola’s (KO) Q4 2024 earnings
The Coca-Cola Company (NYSE: KO) has wrapped up fiscal 2024 on an upbeat note, reporting stronger-than-expected results for the final quarter of the year. Encouraged by the growth in sales
Walt Disney (DIS): A look at the performance of the streaming business in 1Q25
Shares of The Walt Disney Company (NYSE: DIS) dropped 1% on Tuesday. The stock has gained 6% over the past three months. The company delivered top and bottom line growth