1/26/2021, 1:06 PM (Source: TeleTrader)
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American Express revenue plunges 18% to $9.3B in Q4

The American Express Co. released on Tuesday its earnings report for the final quarter of fiscal 2020, revealing that its revenue dropped 18% compared to the same period of 2019, to land at $9.35 billion.

During the same period, the firm's diluted earnings per share tumbled 13% compared to the final trimester of the previous year, to stand at $1.76, while its net income fell 15% on a yearly basis, amounting to $1.44 billion.

"While we are still seeing impacts of the COVID-19 pandemic on our business, trends continued to steadily improve in the fourth quarter ... Our disciplined approach to risk management enabled us to maintain our best-in-class credit performance, with fourth-quarter delinquencies and write-off rates at some of the lowest levels we’ve seen in a few years," company's CEO Stephen Squeri commented.

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