{"id":8345,"date":"2023-08-05T19:37:53","date_gmt":"2023-08-05T19:37:53","guid":{"rendered":"https:\/\/isafespend.com\/credit-cards\/american-express-reports-record-spending-we-feel-really-confident\/"},"modified":"2023-08-05T19:37:53","modified_gmt":"2023-08-05T19:37:53","slug":"american-express-reports-record-spending-we-feel-really-confident","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=8345","title":{"rendered":"American Express reports record spending: \u2018We feel really confident\u2019"},"content":{"rendered":"<div><!----> <!----> <\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\"><\/div>\n<\/div>\n<\/div>\n<p>American Express said Friday that it took in a record $15.1 billion in revenue over the second quarter as consumers spent more on its credit cards.<\/p>\n<p>The company reported earnings per share of $2.89 in the quarter, beating Wall Street expectations of $2.81 a share.<\/p>\n<p>&#8220;Card member spending hit another all-time high over the quarter, rising 8% on an adjusted basis,&#8221; American Express CEO Stephen Squeri said in a statement. &#8220;Travel and entertainment spending remained strong across customer categories and geographies, growing 14% on an adjusted basis. We also saw reservations on our restaurant platform reach a quarterly high and bookings through our consumer travel business reach their highest levels since before the pandemic.&#8221;<\/p>\n<div>div id=&#8221;embed&#8221;&gt;<\/p>\n<p style=\"font-size:x-large;\"><strong>American Express<\/strong><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/foxbusinessp.factsetdigitalsolutions.com\/markets\/chart?symbol=AXP\" height=\"500px\" width=\"100%\">\u00a0<\/iframe>.<\/div>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><\/source><\/source><\/source><\/source><\/picture><\/div>\n<p> <!----><\/div>\n<p><strong>CALIFORNIA CONVENIENCE STORE OWNER REACTS TO SELLING WINNING $1 BILLION POWERBALL JACKPOT: &#8216;SURPRISED&#8217;<\/strong><\/p>\n<p>The company is also reaffirming its full-year 2023 guidance for earnings of $11 to $11.40 a share with revenue growth of 15% to 17%.<\/p>\n<p>&#8220;Our base is changing in terms of more Millennials and Gen Z who will grow with us,&#8221; Squeri\u00a0said Friday during the company&#8217;s earnings call. &#8220;And as the economy gets better, we expect the spending to pick up. So we feel really confident.&#8221;<\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\"><\/div>\n<\/div>\n<\/div>\n<p>Rising borrowing costs led AmEx to raise its provisions for credit losses to $1.2 billion from $410 million a year ago as it braced for potential defaults in debt repayments.<\/p>\n<p><strong>GEN Z, MILLENNIALS HAVE BLEAK OUTLOOK ON FINANCIAL FUTURES, STUDY FINDS<\/strong><\/p>\n<p>According to the company, the increase reflected higher net write-offs and a net reserve build of $327 million, compared with a net reserve build of $58 million in 2022.<\/p>\n<p><strong><\/strong><\/p>\n<p><i>Reuters contributed to this report.<\/i><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.foxbusiness.com\/markets\/american-express-reports-record-spending-we-feel-really-confident\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>American Express said Friday that it took in a record $15.1 billion in revenue over the second quarter as consumers spent more on its credit cards. The company reported earnings per share of $2.89 in the quarter, beating Wall Street expectations of $2.81 a share. &#8220;Card member spending hit another all-time high over the quarter,<\/p>\n","protected":false},"author":1,"featured_media":8346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":{"0":"post-8345","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-credit-cards"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>American Express reports record spending: \u2018We feel really confident\u2019 | iSafeSpend<\/title>\n<meta name=\"description\" content=\"American Express said Friday that it took in a record $15.1 billion in revenue over the second quarter as consumers spent more on its credit cards. 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