7/24/2020, 1:02 PM (Source: TeleTrader)
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Amex reports Q2 revenue at $7.7B, down 29% YoY

American Express Inc. posted a second quarter revenue at $7.7 billion, a 29% decrease compared to the same period last year. Net income dropped 85% to $257 million, or to $0.29 per share.

The consolidated provisions for losses grew 85% to $1.6 billion, while consolidated expenses fell 29% were $5.5 billion.

"While our second quarter results reflect the challenges of the current environment, we remain confident that our strategy for navigating this period of uncertainty is the right one," CEO Stephen Squeri said. "All in all, while we can't predict the future, I remain confident that the way we are managing the company will enable us to emerge from the current crisis in a position of strength."

Baha Breaking the News (BBN) / MD