American Express Topped Q2 Earnings Estimates
American Express Company (AXP), the credit card giant released its Q2 earnings report recently exceeding estimates.
Highlights from the earnings report:
• EPS of $2.07 was reported in comparison to estimates of $2.05 according to Zacks Investment Research.
• Revenue of $10.84 billion was generated for the quarter exceeding forecast of $10.82 billion.
• Global Consumer Services revenue increased by10% to $5.8 billion.
• Commercial Services revenue rose 7% to $3.4 billion.
• Global Merchant and Network Services generated revenue of $1.7 billion.
The company offered financial guidance of 8%-10% revenue growth and EPS of $7.85-$8.35 for 2019.
Chariman & CEO Steve Squeri stated “FX-adjusted Card Member spending was up 7 percent, led by consumers,”, “This spending is occurring against the backdrop of an economy that is growing at a steady, but modest pace relative to 2018. We continued to enhance the benefits and services we offer and that helped us add 2.9 million new proprietary cards this quarter. Nearly 70% of those new consumer cards we acquired this quarter carry an annual fee – a strong sign that Card Members appreciate and are willing to pay for premium value.” as per reports.
Dow 30 component American Express Company (AXP), and its subsidiaries provide customers and businesses globally with charge and credit payment card products and travel-related services. 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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