One of the largest US credit card issuers – American Express reported Q3 figures that left the market speechless.
AXP reported a nearly 40% drop in quarterly profit. The figures were hurt by a lower consumer spending, induced by the pandemic.
Its net income dropped to $1.07 billion, or $1.30 per share. It came lower than last year’s figures of $1.76 billion, with $2.08 a share. The revenue also dropped, coming in at $8.8 billion – 20% lower than the same quarter last year.
It also dropped the loss provisions. The numbers showed a 24% decrease from last year’s $665 million.
After the news hit the wire, pre-market, American Express stock price was trading 2.83% lower.
Sources: reuters.com, finance.yahoo.com