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American Express Profit Jumps as Customers Stick with the $895 Platinum Card
American Express said higher card fees and spending lifted profit 28%, but revenue of $20.06 billion still missed Wall Street estimates.
- American Express reported Friday third-quarter net income of $3.71 billion, up 28% from a year ago, though revenue of $20.06 billion fell short of Street forecasts.
- Profits rose as American Express transitioned cardmembers to the higher-fee Platinum Card, raising annual fees from $695 to $895, which boosted net card fees by more than $400 million.
- AmEx Chief Financial Officer Christophe Le Caillec noted that transactions per cardmember are increasing, with the average American Express customer spending $6,735 quarterly, or $2,245 monthly.
- Excluding a one-time gain from the sale of its stake in Global Business Travel Group, adjusted quarterly profit reached $4.68 per share versus reported net income of $5.42 per share.
- American Express raised the lower end of its full-year earnings forecast, now expecting adjusted profit between $17.60 and $17.90 per share for the full year.
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American Express profit jumps as customers stick with the $895 Platinu
NEW YORK (AP) — American Express saw its profits rise sharply in the third quarter as the credit card giant was able to transition the vast majority of its cardmembers over to the new higher-fee Platinum Card
·Baltimore, United States
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American Express: Q3 Earnings Snapshot – WTOP News
NEW YORK (AP) — NEW YORK (AP) — American Express Co. (AXP) on Friday reported third-quarter net income of $3.71 billion. The New York-based company said it had net income of $5.42 per share. Earnings, adjusted for non-recurring gains, came to $4.68 per share. The results beat Wall Street expectations. The average estimate of nine...
·Chevy Chase, United States
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Coverage Details
Total News Sources13
Leaning Left1Leaning Right0Center7Last UpdatedBias Distribution87% Center
Bias Distribution
- 87% of the sources are Center
87% Center
13%
C 87%
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