American Express Company
AXP NYSE

AXP
American Express Company NYSE
 
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Upcoming Earnings
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Jul 272021

Big spenders bring in the $$$

American Express lifted to a record high on Friday, gaining 1.33% to end a five-quarter losing streak after a Q2 revenue jump.

Shares of credit-card issuer popped to record highs of just under $180 on Friday before closing at $173 following second quarter earnings that smashed expectations. American Express reported earnings of $2.80 per share on revenue of $10.24 billion, compared to expectations of $2.66 in earnings per share on $9.48 billion, largely driven by a spike in consumer spending in the post-pandemic world.

The credit card company has seen five quarters of declines, but all areas of the business are recovering. Understandably, American Express found that its cardholders had really upped their spending from a year ago when the world was holed up inside thanks to COVID, and the recovery of travel and entertainment has boosted the card issuer’s earnings.

Demand for our premium, fee-based products continued to be robust, with acquisitions of U.S. Platinum Card Members reaching record levels this quarter. As we look ahead, we are increasingly optimistic that the momentum we’ve generated will continue given the strength we see in our core business, particularly in the U.S., even as the pace of the recovery remains uneven in different regions around the world. Based on current trends, we are confident in our ability to be within the high end of the range of EPS expectations we had for 2020 in 2022.

said Stephen J. Squeri, Chairman and Chief Executive Officer.

Shares are up just over 42% year-to-date.