Credit card issuer profits for American Express have declined

However, in terms of sales, the company exceeded expectations.

Credit card issuer American Express reported declining profits and sales in the last quarter of last year, but the results exceeded expectations. According to the company, its results continue to be negatively affected by the new coronavirus pandemic, which reduces consumer spending, but the situation should gradually improve. The company said it reported a profit of $ 1.44 billion (€ 1.19 billion) in the fourth quarter of last year. In year-on-year comparison, this means a decrease of approximately 15%. Earnings per share were $ 1.76 compared to $ 2.03 / share a year ago. The company thus exceeded market expectations, which expected earnings per share of $ 1.31. Also in terms of sales, American Express exceeded expectations, albeit only slightly. Revenue was $ 9.35 billion, compared to $ 11.37 billion in the same period last year. However, analysts expected a decline to $ 9.34 billion.