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

Also Read:  Roku delivers an earnings surprise in Q3

Most Popular

Earnings reports to watch for the week of Nov. 23

After starting the week on a positive note, major stock indexes witnessed volatility and slipped mid-week. Meanwhile, the S&P 500 index regained a part of the lost momentum and closed

US retailers and the holiday season – TJX Companies (TJX)

The TJX Companies Inc. (NYSE: TJX) saw sales slightly drop during the third quarter of 2021 while earnings benefited from lower tax rates. Open-only comp store sales were down 5%

Usio: An under-the-radar fintech firm

Value investors have long viewed the fintech industry as a gold mine of opportunities in the years to come, with payment processing services carrying a fair share of interest. Those

Top