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American Express 4Q Profit Fell 15% On Virus Impact

American Express 4Q Profit Fell 15% On Virus Impact

American Express Co. says its fourthquarter net income fell 15% to $1.44 billion as the coronavirus pandemic continued to impact its bottom line.

NEW YORK: American Express Co. says its fourth-quarter net income fell 15% to $1.44 billion as the coronavirus pandemic continued to impact its bottom line.

On a per-share basis, the New York-based company said Tuesday that it had net income of $1.76, down from $2.03 per share a year earlier.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.

The credit card issuer and global payments company posted revenue of $9.35 billion in the period, down 18% from a year ago and below Street forecasts. Six analysts surveyed by Zacks expected $9.4 billion.

American Express shares have increased slightly since the beginning of the year, while the Standard & Poors 500 index has climbed nearly 3%. The stock has decreased almost 8% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXP at https://www.zacks.com/ap/AXP

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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