American Express 2Q Revenue Rises as Travel Spending Keeps Growing
21 July 2023 - 9:40PM
Dow Jones News
By Will Feuer
American Express posted higher revenue in the second quarter as
consumers continued to spend on travel, entertainment and
restaurants.
The New York City-based credit-card company logged net income of
$2.17 billion, or $2.89 a share, up from $1.96 billion, or $2.57 a
share, a year earlier. Analysts surveyed by FactSet were expecting
earnings of $2.81 a share.
Revenue rose 12% to $15.05 billion. Analysts surveyed by FactSet
were expecting revenue of $15.41 billion.
Chief Executive Stephen Squeri said travel and entertainment
spending rose 14%, adjusted for foreign exchange. He said
reservations on the Resy restaurant-booking platform reached a
quarterly high, and bookings through the company's consumer-travel
business hit their highest level since before the pandemic.
The company provisioned $1.20 billion for credit losses in the
quarter, compared with $410 million in the year-ago period.
Shares fell 3.3% to $171.36 in premarket trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 21, 2023 07:25 ET (11:25 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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