American Express Company (NYSE:AXP) disclosed its third quarter earnings results on Friday 23rd October 2020 before market open.
The credit payment card products provider, reported $ 1.30 income per share for the quarter, missed the consensus estimate of $ 1.33 income per share by $ 0.03 or 2.26 percent.
The quarterly earnings dropped 37.50 percent compared with the same quarter last year.
American Express Company had revenue of $ 8,751.00 million for the quarter, compared to the consensus estimate of $ 8663.47 million. The revenues outshined analysts estimates by $ 87.53 million or 1.01 percent.
The financial report showed revenues down 20.37 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
The consolidated provisions for credit losses were $ 665 million, down 24 percent from $ 879 million a year ago, while consolidated expenses were $ 6.7 billion, down 14 percent from $ 7.8 billion a year ago.
Stephen J. Squeri, Chairman and Chief Executive Officer, stated, While our business continues to be significantly affected by the impacts of the pandemic, our third quarter results have increased our confidence that our strategy for managing through the current environment is the right one.
