American Express (NYSE: AXP) reported first-quarter 2021 financial results before the regular market hours on Friday. The payment services firm reported Q1 revenue of $9.06 billion, down 12% year-over-year and slightly below the Wall Street projection. Meanwhile, net income of $2.74 per share was well above the target that analysts had anticipated.
AXP shares fell 0.7% immediately following the announcement. The stock has gained 72% in the trailing 12 months.
“Our investments to scale next horizon opportunities are well underway. We began the rollout of the Kabbage digital platform to our small business customers, and through our joint venture in China, we have now added more than 14 million merchants to our network,” CEO Stephen J. Squeri said in a statement.