Overview

• American Express delivered adjusted earnings per share of $4.08, topping forecasts of $3.89, and posted a 9% revenue increase to $17.9 billion.
• Record Card Member spending reached $416.3 billion, up 7% year-over-year and led by affluent cardholders.
• The company raised provisions for credit losses to $1.4 billion from $1.3 billion a year earlier while maintaining best-in-class credit metrics.
• It reaffirmed its full-year outlook of 8%–10% revenue growth and earnings per share of $15.00 to $15.50.
• American Express announced its largest-ever Platinum card refresh and introduced a co-branded Coinbase card as it seeks to counter new premium offerings from Citigroup and JPMorgan Chase.