empty
 
 
23.10.2020 03:01 PM
AmEx's quarterly profit was worse than market expectations, revenue exceeded forecasts

This image is no longer relevant

One of the leaders of the American market of plastic cards American Express (AmEx) said that its net profit in July-September 2020 decreased by 39% and amounted to $ 1.07 billion, or $ 1.3 per share, compared to $ 1.76 billion , or $ 2.08 per share, a year earlier. Experts gave forecasts at $ 1.34 per share.

The revenue of the financial company fell by 20% to $ 8.75 billion due to a decrease in card spending compared to the third quarter of last year amid the COVID-19 pandemic. The consensus revenue forecast was $ 8.66 billion.

In the past quarter, AmEx allocated $ 665 million to provisions for possible loan losses. Whereas last year this amount was $ 879 million.

The company's current strategy is correct, even as revenue declines as a result of the coronavirus pandemic, said Stephen Squarey, chief executive of AmEx. There is also a positive trend in the volume of card spending in comparison with April this year.

AmEx shares lost 2.8% in preliminary trading on Friday. Since the beginning of the year, the company's capitalization has dropped 15.8%, while the Dow Jones Industrial Average has dropped 0.6% over the period.

Thomas Frank,
Experto analítico de InstaForex
© 2007-2024
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $9000 más!
    ¡En Mayo, sorteamos $9000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback