American Express (NYSE:AXP) earnings for the financial services company’s first quarter of 2020 are out on Friday. The company reported adjusted earnings per share (EPS) of $1.98 on revenue of $10.31 billion. Those are mixed results next to Wall Street’s estimates of $1.43 per share and revenue of $10.65 billion.
Let’s take a deeper dive into the most recent American Express earnings report below.
- Adjusted per-share earnings are down 1.49% from the $2.01 reported at the same time last year.
- Revenue for the quarter comes in slightly lower compared to $10.36 billion in the first quarter of 2019.
- The American Express earnings report also includes a net income of $367 million.
- That’s a 76.32% drop from the company’s net income of $1.55 billion in the same period of the year prior.
Stephen Squeri, chairman and CEO of American Express, said the following in the earnings report:
“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. 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.”
American Express doesn’t include guidance in the Q1 earnings report. However, we know Wall Street is expecting adjusted EPS of $6 on revenue of $42.73 billion for the full year of 2020.
AXP stock was up slightly as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.