4/18/2019, 1:33 PM (Source: TeleTrader)
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American Express EPS down 3% to $1.8 in Q1

American Express said on Thursday its earnings per share for the first quarter of the fiscal year 2019 stood at $1.8, declining 3% compared to the same period a year ago. Meanwhile, adjusted EPS rose 8% to $2.01 year on year.

The financial services company also known as Amex added that its total revenues for the first three months of the year amounted to $10.4 billion, marking a 7% jump year on year or 9% on an FX-adjusted base. Net income was down 5% on an annual basis and stood at $1.5 billion.

"With FX-adjusted revenues up 9 percent we are off to a solid start in 2019," CEO Stephen Squeri stated. "We continued to expand our merchant network and added 3.1 million new proprietary cards in the quarter driven primarily by our digital acquisition initiatives," he added.

American Express shares fell 1.57% in premarket trading on worse-than-expected revenue.

Breaking the News / NP