10/23/2020, 1:04 PM (Source: TeleTrader)
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American Express' Q3 revenue plunges to $8.7B

The American Express Co. released on Friday its financial results for the third quarter of 2020, revealing that its revenue plunged 20% to $8.751 billion compared to the same trimester of the previous year. However, the revenue figure came slightly over the estimates.

The company's net income annually plunged 39% to land at $1.073 billion in the same trimester, while diluted earnings per common share (EPS) tumbled 38% to $1.30. The earnings per share arrived just under the expectations.

Commenting on the result, Chief Executive Stephen Squeri said that "third-quarter results have increased our confidence that our strategy for managing through the current environment is the right one," adding that "the investments we have made to enhance our value propositions have yielded strong results."

Breaking the News / ND