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American Express Company (AXP) is a prominent multinational financial services corporation headquartered in New York City. Known for its specialization in payment cards, American Express is one of the most valuable companies globally and a key component of the Dow Jones Industrial Average.
Operating in around 130 countries, American Express provides a variety of charge and credit card payment products to both consumers and businesses. Its business is divided into three main segments: Global Consumer Services, Global Commercial Services, and Global Merchant and Network Services. Beyond its payment cards, the company offers expense management tools, consulting services, and business loans. The merchant payment network operated by American Express is highly profitable, facilitating transactions worldwide.
In recent news, American Express has agreed to sell its subsidiary Accertify to Accel-KKR, a private equity firm. Accertify is known for its advanced fraud prevention, chargeback management, and payment gateway solutions. This strategic move is expected to enable Accertify to accelerate its growth and product innovation in the fraud prevention market as an independent entity.
American Express continues to innovate and expand its services, adapting to the growing digital economy. The company remains committed to providing customers with access to products, insights, and experiences that enrich lives and build business success.
American Express Company (NYSE: AXP) reported a second-quarter net income of $2.0 billion, or $2.57 per share, down from $2.3 billion, or $2.80 per share, a year ago. Total revenues increased by 31% to $13.4 billion, driven by a 30% rise in Card Member spending, especially in travel and entertainment. Provisions for credit losses were $410 million compared to a benefit of $606 million last year. The company raised its full-year revenue growth guidance to 23%-25% and maintained EPS guidance of $9.25 to $9.65. Overall, the credit performance remained strong despite increased expenses.
Marriott Bonvoy and American Express have enhanced the Marriott Bonvoy Business American Express Card for small business owners, effective July 21, 2022. Key updates include a 7% room rate discount on eligible bookings, 4X points at restaurants worldwide, and complimentary Gold Elite status, all while maintaining the $125 annual fee. New Card Members can earn 125,000 points after spending $5,000 within three months, available until August 31, 2022. This move responds to a strong interest from small business leaders for discounted travel options, as shown in a recent survey.
American Express (AXP) is partnering with SiriusXM for the 'Small Stage Series' to promote local businesses through live performances in five U.S. cities this summer. The initiative includes a $30 gift card incentive for eligible Card Members at participating small businesses. A recent survey indicates that shopping small could contribute up to $793 billion to the economy this summer. Despite inflation concerns, 77% of small business owners are optimistic about sales, with 62% expecting higher revenues compared to last year.
American Express has launched an enhanced version of the Blue Cash Everyday Card, now offering 3% cash back on U.S. online retail purchases, supermarkets, and gas stations on up to $18,000 per year. New monthly statement credits include $15 for Home Chef online meal kit purchases and $7 for The Disney Bundle subscriptions. Card Members can earn over $250 in value annually without an annual fee. The card now features a sleek design and additional benefits, aligning with consumer demand for cash back on everyday purchases.
American Express (NYSE: AXP) announced its "Backing Historic Small Restaurants" grant program, awarding $1 million in total funding to 25 historic independent restaurants across the U.S. Each restaurant will receive $40,000 to improve their physical spaces and support operating costs. This program, now in its second year, aims to assist these significant establishments in enhancing customer service and ensuring their longevity within the community. The initiative reflects American Express's commitment to supporting small businesses.
American Express Company (NYSE: AXP) will host a live audio webcast to discuss its Q2 2022 financial results at
American Express (AXP) and Delta Air Lines (DAL) launched a limited-edition credit card design made from retired Delta Boeing 747 aircraft. Available from June 16 to August 3, 2022, the card offers Card Members exclusive augmented reality content and honors aviation history. The design incorporates 25% metal from the retired aircraft, known as the 'Queen of the Skies.' With more than half of consumers planning to travel more this summer, the partnership emphasizes premium travel benefits for Delta loyalists, including complimentary lounge access and limited-time offers for earning miles.
American Express (NYSE: AXP) has expanded its $120 Dining Credit program by adding three new partners: Goldbelly, Wine.com, and Milk Bar, enhancing options for Gold Card Members. Cardholders can earn up to $10 in monthly statement credits at these and other participating locations like Grubhub and The Cheesecake Factory. To celebrate, AXP will host 'Amex Gold x Resy Present: The Boardwalk' event on July 9, 2022, at Santa Monica Pier, featuring popular restaurants and activities. The Dining Credit program has grown in popularity since its 2018 launch.
American Express Company (NYSE: AXP) has announced its participation in several investor conferences. On
American Express (NYSE: AXP) has partnered with Versapay to enhance payment processing for suppliers using American Express virtual cards. This collaboration aims to accelerate cash flow and improve customer experiences in the invoice-to-cash cycle. Through Versapay’s automation solutions, suppliers can automate virtual card payment processing, leading to improved efficiency. The program also offers suppliers exclusive pricing for Versapay services, helping streamline the accounts receivable process and enhance overall payment experiences.
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