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4/24, 1:06 PM (Source: TeleTrader)
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American Express posts Q1 revenue of $10.3B

Financial services corporation American Express Company announced on Friday its revenue in the first quarter landed at $10.3 billion, a slight 1% decrease on the year.

The company's net income was reported $367 million, or $0.41 per share, down 76% compared to the same quarter a year earlier.

"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," CEO Stephen J. Squeri commented on the results, adding that the company has been "aggressively" reducing costs.

Shares of American Express jumped 1.26% to $83.50 in premarket trading.

Breaking the News / JC