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American Express profits sink 76%

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American Express Co. posted a 76% drop in first-quarter profits amid the coronavirus pandemic.

The company brought in $367 million in net income, and revenue dipped 1% to $10.3 billion.

“The first two months of 2020 continued the strong momentum we have delivered over the past two years, but we’re now in a different world,” American Express CEO Stephen Squeri said in a statement. “The deterioration in the economy due to COVID-19 impacts that began in the first quarter and accelerated in April has dramatically impacted our volumes.”

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