American Express 1Q Revenue Falls 12%, Misses Wall Street Expectations
By Allison Prang
American Express Co. logged a negative provision for credit
losses in its latest quarter, helping to pump up earnings, but the
credit-card company's top line declined.
Profit for the first quarter rose to $2.24 billion, up from $367
million a year earlier, and the company's earnings were $2.74 a
share, topping Wall Street's consensus according to FactSet of
$1.61 a share. A year ago, earnings were 41 cents a share.
American Express had a negative provision for credit losses of
$675 million. The company's provision a year earlier was $2.62
billion. Many financial firms have also logged negative provisions
as the economic outlook has improved amid the Covid-19
Revenue at the company, net of interest expense, fell 12% to
$9.06 billion, while Wall Street was expecting $9.21 billion.
Write to Allison Prang at email@example.com
(END) Dow Jones Newswires
April 23, 2021 07:14 ET (11:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.