American Express income grows 1 per cent, topping Wall Street forecasts
July 18, 2012 - 4:28 PM
NEW YORK, N.Y. - American Express says its second-quarter profit rose one per cent, beating Wall Street's expectations, after its well-heeled customers slowed down their spending a little.
The credit card issuer earned US$1.34 billion, or $1.15 per share, in the April-to-June period. Revenue jumped 5 per cent to $8 billion.
Wall Street was expecting a profit of $1.10 per share and revenue of $8 billion.
Investors had feared that Amex's affluent customers would have curtailed their spending because of gyrations in the stock market during the quarter.
CEO Kenneth Chenault said in a statement spending among the company's consumer, small business and corporate card members "remained healthy despite a very uneven economy."
News from © The Associated Press, 2012