American Express Gives Reduced Q1 Guidance Over Investor Call
How will the global coronavirus (COVID-19) pandemic affect American Express' (NYSE: AXP) coming first-quarter results? The company talked about its reduced guidance and new expectations in a phone call Tuesday morning that was originally planned to be an investor day.
The company's recent fourth quarter showed continued strength as the 10th consecutive quarter of adjusted revenue growth at or above 8%. There were more than 11 million new customers over the full year, with 70% choosing fee-based products, a strong driver of revenue for American Express.
It has a differentiated business model with several products and services as well as strong digital capabilities to drive sales and growth. The average cardholder spends three times the amount of other cardholders, and they are loyal -- attrition rates didn't change during the Sept. 11, 2001, terrorist attacks or the financial crisis.
Source Fool.com
