American Express (NYSE: AXP) reported Q1 EPS ex-reserve build of $1.98, $0.50 better than the analyst estimate of $1.48. Revenue for the quarter came in at $10.3 billion versus the consensus estimate of $10.71 billion.

Including reserve builds of $1.7 billion, which reflect deterioration of the global estimated macroeconomic outlook as a result of COVID-19 impacts, earnings were $0.41.

“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,” said Stephen J. Squeri, Chairman and Chief Executive Officer. “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. While we can’t predict just how the economy and our business will perform in the coming months, we can focus on supporting our colleagues and customers while remaining financially strong and positioning for growth when the economy begins to improve.

“In light of the current environment, we are aggressively reducing costs across the enterprise, while at the same time selectively investing in initiatives that are key to our long-term growth strategy. We entered this crisis with particularly strong capital and liquidity positions that will enable us to remain financially strong.

“To support our colleagues, we are committed to no COVID-19-related layoffs for the remainder of 2020 to ensure we have the right team in place to serve our customers and to continue driving our growth over the long term. And we’re supporting our colleagues in other ways, including a 100% work from home arrangement in all our locations and continuing to pay the salaries of colleagues who are affected by the virus without having to use their paid leave.

“To support our customers, we are offering consumer and small business Card Members a range of short- and long-term financial assistance programs to help them weather the storm. In addition, we are adding several new benefits, services and rewards to our premium Card products and Membership Rewards program that are relevant to the evolving needs of our customers during this time.

“For our merchants, we have extended the amount of time they have to respond to Card Member disputes, and we increased contactless transaction thresholds to reduce physical contact at the point of sale in 28 countries.

“Earlier this week, we launched Stand for Small in the U.S., a coalition of more than 40 companies across various industries that have come together to back small businesses by providing a wide range of offers, complimentary services, access to corporate assistance programs and other resources designed to help support them as they manage through the crisis.

“As we manage through this period, we’ll remain focused on what we can control in the short term while keeping an eye on the long term. This has been our formula for success through difficult times in the past, and this time is no different, despite the unprecedented magnitude and uncertainty we are facing. We will continue to back our colleagues, customers, and communities, just as we have done for 170 years. And when this crisis is over, we intend to be in a position of strength, ready to capitalize on the opportunities ahead.”

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