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Mar 31, 2020
American Express Q1 2020 Earnings Report
American Express reported a decrease in net income and earnings per share due to the evolving COVID-19 situation, which significantly impacted first-quarter results.
Key Takeaways
American Express reported a 1% decrease in first-quarter revenue to $10.3 billion, and net income decreased by 76% to $367 million, or $0.41 per share, compared to the previous year. The results were significantly impacted by the COVID-19 pandemic, with a notable deterioration in spending volumes during March. The company is focused on cost reduction and supporting customers and colleagues during this period.
First-quarter revenue was $10.3 billion, a 1% decrease year-over-year.
Net income was $367 million, a 76% decrease year-over-year.
Earnings per share (EPS) was $0.41, a 77% decrease year-over-year.
The company is implementing cost reduction measures and supporting customers and colleagues during the COVID-19 crisis.
Forward Guidance
American Express is focused on managing through the current period by controlling what they can in the short term while keeping an eye on the long term. They are committed to backing their colleagues, customers, and communities and intend to be in a position of strength to capitalize on opportunities when the crisis is over.
Historical Earnings Impact
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