Welcome to our dedicated page for American Express Company news (Ticker: AXP), a resource for investors and traders seeking the latest updates and insights on American Express Company stock.
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.
Squarespace (NYSE: SQSP) reported strong Q2 2024 financial results, with total revenue growing 20% year-over-year to $296.8 million. Presence revenue increased by 25% to $215.4 million, while Commerce revenue grew 8% to $81.4 million. The company's net income rose to $6.1 million, compared to $3.7 million in Q2 2023. Cash flow from operating activities increased by 15% to $60.6 million.
Key metrics showed positive trends, with total unique subscriptions increasing 21% to over 5.2 million and average revenue per unique subscription (ARPUS) growing 3% to $225.45. Squarespace also announced agreements to go private with Permira and to sell Tock to American Express for $400 million.
American Express (NYSE: AXP) has updated its U.S. Consumer Gold Card with new benefits and a -edition White Gold Card design. The refresh includes:
1. A new $100 Resy Credit for eligible U.S. Resy restaurant purchases
2. An $84 annual Dunkin'® Credit
3. An updated $120 Dining Credit now including Five Guys
4. Expansion of The Hotel Collection to over 1,000 properties globally
These additions complement existing benefits like $120 Uber Cash, 4X points at restaurants worldwide, and 4X points at U.S. supermarkets. The annual fee will increase to $325 from $250, effective October 1, 2024, for existing members. A -time welcome offer of 60,000 Membership Rewards points is available for new eligible Card Members until November 6, 2024.
American Express (NYSE: AXP) reported strong Q2 2024 results, with net income of $3.0 billion and EPS of $4.15, up 44% year-over-year. Excluding a $0.66 gain from the sale of Accertify, adjusted EPS was $3.49, up 21%. Revenue reached a record $16.3 billion, up 8% (9% FX-adjusted). The company raised its full-year EPS guidance to $13.30-$13.80 from $12.65-$13.15 previously.
Key highlights include:
- Billed business up 5% (6% FX-adjusted) to $388.2 billion
- 3.3 million new card acquisitions
- 24th consecutive quarter of double-digit card fee revenue growth
- Excellent credit performance
- 15% increase in marketing investments planned
American Express (NYSE: AXP) is set to open its 29th Centurion Lounge at Ronald Reagan Washington National Airport (DCA) on July 17. The nearly 12,000 square foot lounge, located in Terminal 2 past the South Security Checkpoint, will feature:
- Dishes from three award-winning chefs: Michelle Bernstein, Ravi Kapur, and Michael Solomonov
- A specialty drink menu and wine list curated by Jim Meehan and Anthony Giglio
- Artwork from local artists celebrating D.C.'s history and culture
- Signature Centurion Lounge amenities including a conference room, phone room, workstations, and shower suite
The lounge will be open Sunday – Friday from 5:00 a.m. - 9:00 p.m. ET and Saturday from 5:00 a.m. - 7:00 p.m. ET, offering views of the airfield and Potomac River.
The Board of Directors of American Express (NYSE: AXP) has announced a quarterly dividend for its 3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D. The dividend amount is $9,072.22 per share, or $9.07222 per Depositary Share. Shareholders of record on September 1, 2024, will receive the dividend on September 16, 2024.
Squarespace (NYSE: SQSP) has announced an agreement to sell its Tock platform to American Express (NYSE: AXP) for $400 million. Tock, a provider of reservation, table, and event management technology, will enhance American Express' dining program and expand its network of diners. The deal signifies American Express' continued commitment to the hospitality industry. Both companies will collaborate to offer additional value to small businesses using American Express Cards via the Amex Offers program. The transaction is pending customary closing conditions, including regulatory approval.
American Express (NYSE: AXP) announced the acquisition of Tock, a reservation and event management technology provider, from Squarespace (NYSE: SQSP), and Rooam, a mobile payments and ordering technology company. These acquisitions aim to enhance Amex's dining platform, expanding its suite of digital tools for restaurants and merchants. With Tock's network of 7,000 restaurants and Rooam's integration capabilities, Amex will offer more personalized hospitality, pre-paid experiences, and convenient payment methods. Amex will acquire Tock for $400M, while the financial details for Rooam remain undisclosed. These deals are part of Amex's strategy to support the growth of the dining and entertainment industries.
American Express (NYSE: AXP) will host a live audio webcast of its Q2 2024 earnings conference call on July 19, 2024, at 8:30 a.m. ET. The public can access the webcast on American Express' Investor Relations website. The financial results and presentation materials will be released around 7 a.m. ET, ahead of the webcast. An audio replay will also be available on the website after the call.
American Express (NYSE:AXP) and Emburse have partnered to offer an integrated expense management solution through Emburse Spend. This collaboration enables small businesses and corporations to gain better visibility into spending, reduce errors, and save time. The solution allows customers to connect their American Express Card programs to Emburse Spend, where virtual card issuance, card reconciliation, and expense management can be managed in one place. The platform pre-codes transactions with essential expense information and provides enhanced security and transparency through virtual cards. Finance leaders can optimize spending and ensure compliance, while users benefit from streamlined processes and approvals.
American Express Company (NYSE: AXP) will participate in upcoming investor conferences where Chairman and CEO Stephen J. Squeri and Chief Financial Officer Christophe Le Caillec will address questions about the company's business strategy and financial performance. The events will be live streamed and available for replay on the American Express Investor Relations website.
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