Buy
Sell
Share Name Share Symbol Market Type
American Express Company NYSE:AXP NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -1.08 -0.68% 157.90 160.69 158.50 159.47 2,985,915 22:17:34

American Express's Net Income Falls in 3Q

23/10/2020 12:30pm

Dow Jones News


American Express (NYSE:AXP)
Historical Stock Chart


From May 2020 to May 2021

Click Here for more American Express Charts.

By Allison Prang

 

American Express Co.'s third-quarter profit missed earnings estimates, but its revenue net of interest expense came in higher than Wall Street anticipated.

Earnings for the quarter decreased to $1.1 billion, or $1.30 a share, the company reported Friday. Those were lower than the comparable quarter a year earlier when profit was $1.8 billion, or $2.08 a share. According to FactSet, analysts had been expecting $1.34 a share.

The credit-card company said revenue net of interest expense was $8.8 billion. Analysts had been expecting $8.66 billion. Revenue net of interest expense fell 20% from a year earlier, American Express said, attributing the drop to less card-member spending and a decline in the average discount rate.

American Express's provision for credit losses was $665 million, the company said. That declined from a year earlier when it was $879 million.

"Since the lows of mid-April, we have seen a steady recovery in our overall spending volumes," Chief Executive Stephen Squeri said in prepared remarks, adding that credit is still strong but that the company is still "cautious about the direction of the pandemic and its impacts on the economy."

 

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

October 23, 2020 07:15 ET (11:15 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

1 Year American Express Chart

1 Year American Express Chart

1 Month American Express Chart

1 Month American Express Chart
ADVFN Advertorial
Your Recent History
NYSE
AXP
American E..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20210510 21:53:15