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.
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.
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