Profit surges at American Express with spending resilient

By AP News

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NEW YORK (AP) — American Express had a very strong third quarter, posting a profit of $1.78 billion with Americans proving to be resilient in their spending despite the tenacity of the delta variant.

NEW YORK (AP) — American Express had a very strong third quarter, posting a profit of $1.78 billion with Americans proving to be resilient in their spending despite the tenacity of the delta variant.

The New York company on Friday topped last year's $1.1 billion profit during the same period, putting up per-share earnings of $2.27, or 49 cents better than Wall Street had been expecting, according to a survey by Zacks Investment Research.

The credit card issuer and global payments company posted revenue of $10.93 billion, also beating the projections of analysts.

“Revenues jumped 25% from a year ago and Card Member spending accelerated from the previous quarter, reaching record highs for the third quarter," said Chairman and CEO Stephen Squeri. "The growth was powered by consumer and small business spending on goods and services, which grew 19%

Shares of American Express Co., up 47% this year, are up slightly before the opening bell.

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A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXP at https://www.zacks.com/ap/AXP

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Author: AP News

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