American Express Q2 2020 Earnings Report
Key Takeaways
American Express reported a net income of $257 million, or $0.29 per share, compared to $1.8 billion, or $2.07 per share, a year ago. The results were significantly affected by the impacts of COVID-19, with spending volumes declining to their lowest point in April but gradually improving in May and June.
Second-quarter results were significantly affected by the impacts of COVID-19.
Spending volumes declined to their lowest point in April but gradually improved in May and June.
The company enhanced value propositions on card products, adjusting rewards programs and adding limited time offers.
American Express launched its largest-ever Shop Small campaign, committing more than $200 million to help jumpstart spending at small merchants.
American Express
American Express
Forward Guidance
American Express will continue to focus on backing customers, colleagues and communities, while managing expenses prudently, and making strategic investments to drive growth over the long term.