Billed business, the total volume of spending on AmEx cards, climbed 9% to $455.8 billion on a foreign exchange-adjusted basis. This momentum pushed quarterly revenue to $19.6 billion, a 10% increase year-over-year. CEO Stephen Squeri attributed the performance to strategic investments in value propositions, noting that the firm is seeing stronger-than-anticipated activity halfway through the year.
The company reported a profit of $4.53 per share for the period ending June 30, comfortably outpacing the $4.40 expected by analysts and the $4.08 recorded during the same quarter last year. Reflecting confidence in the stability of its borrower base, American Express set aside $1.1 billion in provisions for credit losses, a notable decrease from the $1.4 billion reserved a year ago. By maintaining its profit growth forecast while raising revenue expectations, the firm remains a bellwether for discretionary spending trends before other major networks report their figures.
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