JPMorgan credit card users’ spending is down significantly. FOX Business’ Lauren Simonetti with more.
American Express profit plummeted 85 percent in the three months through June as customers slashed spending while holed up in their homes during COVID-19 lockdowns.
Continue Reading Below
The New York-based financial services company earned $257 million, or 29 cents per share, as revenue fell 29 percent to $7.68 billion. Wall Street analysts surveyed by Refinitiv were expecting a loss of 11 cents per share on revenue of $8.15 billion.
“While our second quarter results reflect the challenges of the current environment, we remain confident that our strategy for navigating this period of uncertainty is the right one,” American Express CEO Stephen Squeri said in a statement. “Spending volumes, which declined to their lowest point this quarter in April, gradually improved in May and June, with small businesses being the most resilient.”
CLICK HERE TO READ MORE ON FOX BUSINESS
This story is developing. Check back for updates.
