American Express customers take note: American Express 4Q profit fell 15% on virus impact

From Associated Press:

CHARLOTTE, N.C. (AP) — American Express said its fourth-quarter profits dropped by 15% from a year ago, as the global pandemic kept cardmembers from dining out, traveling and entertaining.

The New York-based company said it earned a profit of $1.42 billion, or $1.76 per share, down from a profit of $1.69 billion, or $2.03 a share, in the same period a year earlier. The results were much better than what analysts had predicted, on average looking for AmEx to earn $1.31 a share.

The coronavirus pandemic struck at the heart of AmEx’s business model last year. AmEx cardmembers — often the well-to-do and corporate clients — stopped traveling, stopped shopping, weren’t able to go see concerts and shows, and stopped dining out. For corporations, travel expenses plunged last year since most workers who would travel for work switched to home offices and Zoom meetings.

“While we are still seeing impacts of the COVID-19 pandemic on our business, trends continued to steadily improve in the fourth quarter,” said Stephen J. Squeri, Chairman and Chief Executive Officer

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