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Shares in the US credit card company American Express are trading higher by half a percent pre-market on Friday. The company’s stock price has traded in a very tight, shallow range over recent weeks. This is despite the company posting a solid earnings beat late last month.
Earnings Beat in Q2
American Express reported a Q2 EPS of $0.30 versus an expected EPS of -$0.08. This marked a 123.08% beat on the consensus forecast though well below the $1.98 EPS posted over the same quarter a year earlier. Earnings were posted on revenues of $7.68 billion. While better than expected, this still marks a notable decline from the same quarter last year.
Volumes Improved Mid-Quarter
The company noted that payment volumes improved in May and June though mentioned that the COVID-19 crisis had weighed considerably on the group’s business. The biggest disruption came from the hit to airline travel over the lockdown period. This was given that except for in very specific instances, international travel ...
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