Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries AmEx's third-quarter profit beats estimates on buoyant spending By: FOX Business October 20, 2023 at 09:28 AM EDT American Express reported third-quarter profit that beat expectations, helped by resilient spending from its wealthy customers who shrugged off concerns of an economic downturn. Credit card giant American Express on Friday reported third-quarter profit that beat expectations, helped by resilient spending from its wealthy customers who shrugged off concerns about an economic downturn.AmEx, which caters to a premium customer base, has largely been able to mitigate the hit from inflation and the Federal Reserve's rate hikes, which have made borrowing costly and reined in discretionary spending.AMERICAN EXPRESS REPORTS RECORD SPENDING: ‘WE FEEL REALLY CONFIDENT’In a sign of caution, however, AmEx boosted its provisions for credit losses to $1.23 billion, up 58% from last year, to account for the increased likelihood of consumers defaulting on their debt."Travel and Entertainment (T&E) spending remained robust... Restaurant spending was again one of our fastest-growing T&E categories," CEO Stephen Squeri said in a statement.TESLA CEO ELON MUSK REPORTEDLY SHEDS BILLIONS FROM NET WORTHShares of the company climbed 1% to $151.13 in premarket trading.AmEx reported a profit of $2.45 billion, or $3.30 per share, up from $1.88 billion or $2.47 per share a year earlier. On average, analysts had expected a profit of $2.94 per share, according to LSEG IBES data.SAM BANKMAN-FRIED’S ADHD MEDICATION A FOCAL POINT IN FTX TRIALIt also said its earnings per share and revenue for the full year would be in line with the prior forecast. The company has previously said it expects to earn $11 to $11.40 per share in 2023. Analysts have been expecting it to earn $11.07, according to LSEG data.Revenue, net of interest expense, surged 13%, to $15.38 billion.GET FOX BUSINESS ON THE GO BY CLICKING HERE Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
AmEx's third-quarter profit beats estimates on buoyant spending By: FOX Business October 20, 2023 at 09:28 AM EDT American Express reported third-quarter profit that beat expectations, helped by resilient spending from its wealthy customers who shrugged off concerns of an economic downturn. Credit card giant American Express on Friday reported third-quarter profit that beat expectations, helped by resilient spending from its wealthy customers who shrugged off concerns about an economic downturn.AmEx, which caters to a premium customer base, has largely been able to mitigate the hit from inflation and the Federal Reserve's rate hikes, which have made borrowing costly and reined in discretionary spending.AMERICAN EXPRESS REPORTS RECORD SPENDING: ‘WE FEEL REALLY CONFIDENT’In a sign of caution, however, AmEx boosted its provisions for credit losses to $1.23 billion, up 58% from last year, to account for the increased likelihood of consumers defaulting on their debt."Travel and Entertainment (T&E) spending remained robust... Restaurant spending was again one of our fastest-growing T&E categories," CEO Stephen Squeri said in a statement.TESLA CEO ELON MUSK REPORTEDLY SHEDS BILLIONS FROM NET WORTHShares of the company climbed 1% to $151.13 in premarket trading.AmEx reported a profit of $2.45 billion, or $3.30 per share, up from $1.88 billion or $2.47 per share a year earlier. On average, analysts had expected a profit of $2.94 per share, according to LSEG IBES data.SAM BANKMAN-FRIED’S ADHD MEDICATION A FOCAL POINT IN FTX TRIALIt also said its earnings per share and revenue for the full year would be in line with the prior forecast. The company has previously said it expects to earn $11 to $11.40 per share in 2023. Analysts have been expecting it to earn $11.07, according to LSEG data.Revenue, net of interest expense, surged 13%, to $15.38 billion.GET FOX BUSINESS ON THE GO BY CLICKING HERE