American Express raises full-year outlook, stocks soar

Friday, 22. July 2022 13:04

American Express Co. said on Friday that its revenue in the second quarter of 2022 reached $13.4 billion after soaring 31%, surpassing market estimates, upgrading its full-year revenue growth outlook to between 23% and 25%.

The company's earnings per share also topped market expectations at $2.57 with a net income drop of 14% to $1.96 billion, despite making an 8% decline versus the same period a year ago.

Commenting on the results, CEO Stephen Squeri said that the company "had an outstanding second quarter, with record levels of revenue and card member spending, reflecting the strength of its global customer base and continued momentum across its business."

The company's stock surged over 6.5% in premarket trading following the earnings announcement.

Related Links: American Express Company
Author:
Baha Breaking News (BBN) / ND