American Express Q2 Earnings: Mixed Earnings, Card Member Spending Growth and More
Portfolio Pulse from Anusuya Lahiri
American Express Co (NYSE:AXP) reported Q2 revenue growth of 12% YoY to $15.05 billion, missing the consensus of $15.48 billion. Card Member spending grew 8% on an FX-adjusted basis, hitting an all-time high. Total expenses rose 7% YoY to $11.1 billion due to higher customer engagement costs. EPS of $2.89 beat the consensus of $2.81. The company reaffirmed its FY23 revenue growth guidance of 15% - 17% and EPS of $11.00 - $11.40.
July 21, 2023 | 12:48 pm
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American Express reported mixed Q2 results with revenue missing consensus but EPS beating expectations. The company's stock is trading lower.
American Express reported lower than expected Q2 revenue, which is likely to negatively impact investor sentiment and the company's stock price in the short term. However, the company beat EPS estimates and reported record Card Member spending, which could offset some of the negative impact.
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