The New York-based financial-services provider earned $367 million, or 41 cents a share, as revenue slipped 1 percent to $10.31 billion. Adjusted earnings were $1.98 a share, topping estimates of $1.48 from Wall Street.
|AXP||AMERICAN EXPRESS CO.||168.06||-0.98||-0.58%|
“The first two months of 2020 continued the strong momentum we have delivered over the past two years, but we’re now in a different world,” American Express CEO Stephen Squeri said in a statement. “The deterioration in the economy due to COVID-19 impacts that began in the first quarter and accelerated in April has dramatically impacted our volumes.”
Shares were down 34 percent year-to-date through Thursday, lagging the S&P 500’s 13 percent decline.