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Shares in US payment systems company, American Express, are trading a little higher pre-market on Monday. This early demand exists despite the group posting a weaker-than-expected set of third-quarter earnings on Friday.
Earnings & Revenues Lower YoY
American Express reported third-quarter earnings per share of $1.30. This slightly undershot the $1.34 EPS Wall Street was looking for. At this level, earnings per share are 17% lower year-on-year. The revenues were slightly higher than expected at $8.8 billion, versus the $8.6 billion forecasted. However, the result still reflects a 20% drop in year-on-year revenues.
The credit card company reported that its cash reserves, which include credit loss provisions, rose to $665 million over the quarter taking the total over Q3 to roughly $7.2 billion.
Firm Recovery Since April
Commenting on the group’s results, the firm’s CEO Stephen Squeri said:
“While our business continues to be significantly affected by the impacts of the pandemic, our...
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