Categories AlphaGraphs, Earnings, Finance

American Express (AXP) Q1 2020 Earnings Infographic

American Express Company (NYSE: AXP) reported its financial results for the quarter ended March 31, 2020 today.

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.

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

Electronic Arts (EA) Q4 earnings drop and miss estimates; revenue down 3%

Video game company Electronic Arts, Inc. (NASDAQ: EA) reported lower earnings and revenues for the fourth quarter of 2021. Earnings also missed analysts' forecast. During the March quarter, net bookings

What lies in store for Tyson Foods (TSN) this year?

Shares of Tyson Foods Inc. (NYSE: TSN) were in green territory during afternoon hours on Tuesday. The stock has gained 32% over the past 12 months and 23% since the

Virgin Galactic (SPCE) fails to impress market amid looming uncertainty

Space tourism company Virgin Galactic Holdings, Inc. (NYSE: SPCE) ended the first quarter of 2021 without generating revenue and continued the losing streak even as uncertainty over its test flight

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top