American Express: beats consensus in Q2

(CercleFinance.com) - American Express has reported Q2 2020 earnings that are down 85% at 257 million dollars, or 29 cents per share, although the consensus feared a loss of around 10 cents per share.


The Payments Solutions Group saw its revenue, net of interest costs fall 29% to under 7.7 billion dollars as the health crisis weighed heavily on expenditure volumes - especially in April - before gradually improving in May and June.

The deterioration in the macroeconomic outlook also led the group to build up reserves of 628 million dollars, leading to a near doubling of loss provisions to 1.6 billion dollars over the past quarter.


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