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American Express Company’s Quarterly Earnings Point To Strong Consumer Spending In Face of Omicron – $AXP $DIA

By John F. Heerdink, Jr.

Reportedly, American Express Company’s (AXP) quarterly profit beat market estimates as consumers continued to spend to dine out during the holidays, fading the company’s fears of a big impact from the Omicron variant. The company forecast 2022 net revenue growth of between 18% and 20% and earnings per share of $9.25 to $9.65.

“When you think about the Delta variant in 2021, and now as you see Omicron in early 2022, each of those impacts has been a little milder than the one before, and we believe shorter in duration,” stated Chief Financial Officer Jeff Campbell.

For the quarter ending Dec. 31, AmEx’s revenue excluding interest expense surged by 30% as spending on travel and entertainment more than doubled. Net income stood at $1.7 billion, or $2.18 per share, higher than analysts’ estimates of $1.87 per share. AmEx executives informed that the credit card giant would probably not launch a cryptocurrency card, but is considering using the digital asset as a possible redemption option in the future.

Dow 30 component American Express Company (AXP) and its subsidiaries provide customers and businesses with charge and credit payment card products and travel-related services globally. They look to enrich the lives of their customers and build business success. To learn more about American Express Company (AXP) and to continue to track its progress please visit the Vista Partners American Express Coverage Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: AmEx allays fears of Omicron hit with record card spending levels in Reuters)


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