American Express shares surged Friday after the U.S.’ second-largest credit card company posted strong quarterly earnings, with American Express brass boasting about its wealthier consumer base’s resilience even as the U.S. economy borders on recession.
Key Backgroundimpact poorer consumers more as they spend a greater portion of their income on price-sensitive goods and have less savings to dip into. The guidance on high-end consumers’ spending habits amid a poor macroeconomic environment was “much better than expected,” Goldman Sachs analysts led by Ryan Nash wrote in a Friday note to clients.
at technology firms like Google and Amazon haven’t had “any impact” on American Express’ core business thus far, Squeri added.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks making the biggest moves midday: American Express, Intel, Silvergate Capital and moreThese are the stocks posting the largest moves in midday trading.
Read more »
Here's the real reason why American Express gives out such big rewardsAmex targets affluent cardholders through a 'spend-centric' model that focuses on generating revenue by driving spending on its cards.
Read more »
The Spending American Express Should Worry About Is Its OwnHeard on the Street: American Express has gotten a boost from its push toward the highest tier of spenders, but now it needs to show more progress on cost control
Read more »
American Express earnings forecast tops expectations, as company boosts dividendAmerican Express Co. exceeded $50 billion in annual revenue last year, buoyed by continued strong spending levels among its customer base
Read more »
Scooter Braun Drops Co-CEO Title, Is Now Sole CEO of HYBE AmericaBraun, who joined HYBE in 2021 via the company’s acquisition of his Ithica Holdings, shared the CEO title with Lenzo Yoon until recently.
Read more »
Goldman Sachs’ David Solomon latest CEO hit with pay cutGoldman Sachs CEO joins Apple’s Tim Cook as latest industry CEO hit with pay cut.
Read more »