American Express Beats Earnings Expectations Despite Higher Provisions, Showing Consumer Resilience
-
American Express (AXP) reported record Q3 revenue and earnings per share, beating expectations.
-
Card member spending was up 7% year-over-year, indicating consumers are still spending.
-
Spending by Gen Z and Millennial customers in the U.S. increased 18%.
-
AXP set aside more funds to cover delinquent borrowers, which may have caused the stock to drop.
-
Despite the market's reaction, AXP's record results indicate the company is performing very well.