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

360 DigiTech (NASDAQ: QFIN) Q3 2021 Research Summary

The positive effects of widespread digitalization and e-commerce growth on China’s financial services industry became more pronounced during the pandemic as the movement restrictions drove more retail customers to online

Activision Blizzard (ATVI): Three reasons why this stock deserves to be on your radar

Shares of Activision Blizzard Inc. (NASDAQ: ATVI) were up 1.6% on Thursday. The stock has dropped 14% since the start of the year. The company has been in the news

IPO Alert: Here’s all you need to know about Remitly Global’s upcoming market debut

The emergence of technology-driven financial services is making people think beyond conventional banks when it comes to availing loans and transferring funds. In a move aimed at taking its business

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