Reported about 1 month ago
American Express exceeded Wall Street profit estimates for the third quarter, driven by strong expense management that offset a slowdown in consumer spending. The company reported a profit of $2.51 billion, aided by lower expenses of $12.08 billion, while revenue increased by 8% to $16.64 billion but fell slightly short of projections. Despite a 5% drop in share price following the announcement, AmEx raised its profit forecast for 2024, indicating the effectiveness of its disciplined operational strategy.
Source: YAHOO