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.
American Express Company (AXP) reported a first-quarter net income of $1.8 billion, or $2.40 per share, down from $2.1 billion and $2.73 per share from the previous year. Total revenues increased by 22% to a record $14.3 billion, driven by higher Card Member spending, which rose 16% on an FX-adjusted basis, and a robust 39% growth in travel and entertainment spending. The company reaffirmed its full-year 2023 guidance for revenue growth of 15%-17% and EPS of $11.00-$11.40. However, provisions for credit losses rose to $1.1 billion, largely due to increased net write-offs and a reserve build, with expenses also climbing by 22% amid greater customer engagement costs.
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