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4/23, 1:04 PM (Source: TeleTrader)
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American Express posts Q1 revenue of $9.1B, down 12%

The American Express Co. stated on Friday that its first-quarter revenue amounted to $9.1 billion, slightly below expectations and 12% lower than the same period in 2020. Meanwhile, diluted earnings per share (EPS) came to $2.74, up from $0.41 or 568% in the first quarter of 2020. Net income reached $2.2 billion, a 509% increase year-on-year.

"We view 2021 as a transition year, where we are focused on making investments to rebuild growth momentum in our core business. We’ve fired up our card acquisition engine, adding 2.1 million new proprietary cards during the quarter. Also, the additional value we provided on several of our premium products is helping to drive increased Card Member engagement, and our attrition rates and customer satisfaction levels remain better than pre-pandemic levels," said American Express CEO Stephen Squeri.

Breaking the News / DJ