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AmEx Exceeds Q2 Estimates As Card Member Spending Jumped, Boosts Outlook – $AXP $DIA

By John F. Heerdink, Jr.

As per reports, American Express (AXP) reported their Q2 earnings and exceeded market estimates as card member spending jumped 30% over the year on a foreign currency-adjusted basis, as global travel and entertainment purchases bounced back.

The credit card giant reported earnings of $2.57 per share, dropping 8% from $2.80 per share a year ago. Revenue rose 31% higher, to $13.4 billion, from $10.24 billion in 2021. Analysts were expecting an EPS decline to $2.42 on $12.5 billion of revenue.

“We had an outstanding second quarter, with record levels of revenue and Card Member spending, reflecting the strength of our global customer base and continued momentum across our business,” stated American Express CEO Stephen Squeri.

The payment giant set aside $410 million for credit losses for the quarter versus a benefit of an $866 million reserve release last year. The company increased its full-year guidance and now expects EPS of $9.25 to $9.65 and revenue growth ranging from 23% to 25%.

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: American Express Raises Guidance After Major Earnings Beat in Investor's Business Daily)


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