American Express Posts Sixth Consecutive Quarter of Record Revenue for Q3 2023
The post American Express Posts Sixth Consecutive Quarter of Record Revenue for Q3 2023 appeared on BitcoinEthereumNews.com. The Q3 figures for 2023 show that American Express pulled in record revenue despite increased expenses especially with customer engagements. Credit card giant American Express (NYSE: AXP) has published its revenue report for Q3 of 2023, pointing to record revenue for six consecutive quarters. According to an official press release, the company’s total revenue net of interest expense came in at $15.38 billion, a 13% increase over the $13.5 billion recorded for the same quarter in 2022. The company said this increase was mainly from “higher average loan volumes and increased Card Member spending.” American Express also announced that its net income for the quarter was $2.5 billion or $3.30 per share, much higher than the $1.9 billion or $2.47 per share realized in the same period last year. The report also noted that total Card Member spending rose 7% from last year on an FX-adjusted basis, with US consumer Card Member spending increasing 9%. International Card Services also climbed by 15%. Chairman and CEO Stephen J. Squeri said the company’s investments are helping brand relevance across generations. Noting that the fastest-growing consumers are Gen Z and millennials, Squeri said both generations accounted for 60% of all new customer accounts in 2023 and spent 18% more than last year. Squeri is optimistic that American Express will meet its guidance for the year. The CEO said: “Based on our performance to date, we remain confident in our ability to achieve revenue growth and EPS for the full year consistent with the annual guidance we provided at the start of the year. We believe we are well positioned as we seek to achieve our long-term growth plan aspirations in 2024 and beyond in a steady-state macro environment.” Q3 Report Shows American Express Spent More on Customer Engagement Notably, higher customer engagement costs from network volumes…
The post American Express Posts Sixth Consecutive Quarter of Record Revenue for Q3 2023 appeared on BitcoinEthereumNews.com.
The Q3 figures for 2023 show that American Express pulled in record revenue despite increased expenses especially with customer engagements. Credit card giant American Express (NYSE: AXP) has published its revenue report for Q3 of 2023, pointing to record revenue for six consecutive quarters. According to an official press release, the company’s total revenue net of interest expense came in at $15.38 billion, a 13% increase over the $13.5 billion recorded for the same quarter in 2022. The company said this increase was mainly from “higher average loan volumes and increased Card Member spending.” American Express also announced that its net income for the quarter was $2.5 billion or $3.30 per share, much higher than the $1.9 billion or $2.47 per share realized in the same period last year. The report also noted that total Card Member spending rose 7% from last year on an FX-adjusted basis, with US consumer Card Member spending increasing 9%. International Card Services also climbed by 15%. Chairman and CEO Stephen J. Squeri said the company’s investments are helping brand relevance across generations. Noting that the fastest-growing consumers are Gen Z and millennials, Squeri said both generations accounted for 60% of all new customer accounts in 2023 and spent 18% more than last year. Squeri is optimistic that American Express will meet its guidance for the year. The CEO said: “Based on our performance to date, we remain confident in our ability to achieve revenue growth and EPS for the full year consistent with the annual guidance we provided at the start of the year. We believe we are well positioned as we seek to achieve our long-term growth plan aspirations in 2024 and beyond in a steady-state macro environment.” Q3 Report Shows American Express Spent More on Customer Engagement Notably, higher customer engagement costs from network volumes…
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