Welcome to our dedicated page for American Express Co news (Ticker: AXP), a resource for investors and traders seeking the latest updates and insights on American Express Co 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 (NYSE: AXP) has announced the third installment of its "Backing Historic Small Restaurants Grant Program," allocating $1 million in grants to 25 historic small restaurants across the U.S. Each restaurant will receive a $40,000 grant aimed at supporting their growth amid ongoing challenges. Additionally, recipients will gain complimentary access to ResyOS, a restaurant management platform. This initiative, which has already provided $2 million to 50 historic restaurants, underscores American Express’s commitment to backing small businesses, with a total investment of $17 million through 2024 for various initiatives aimed at supporting underrepresented entrepreneurs.
American Express (NYSE: AXP) has unveiled a new Centurion Lounge at Seattle-Tacoma International Airport (SEA), expanding its footprint in the airport lounge sector. This 14,000 square foot facility is nearly three times the size of the previous lounge, featuring a locally inspired menu curated by Executive Chef Kristi Brown, along with a full-service coffee bar called “Blue Roast by American Express.” The lounge offers scenic views and enhanced amenities for travelers. This initiative highlights American Express's commitment to customer experience and its ongoing expansion of the Global Lounge Collection.
American Express (NYSE: AXP) announces a partnership with Microsoft to develop AI-based solutions that simplify expense reporting. Using AI and machine learning, the new solution aims to streamline the expense management process for business travelers, reducing friction and enhancing efficiency. Survey data reveals that 94% of expense processors see a need for innovation in expense management. The collaboration will pilot the solution with Microsoft employees and later make it available to other corporate clients. The technology promises automated approvals and smarter expense categorization, improving compliance and reducing errors as it learns over time.
American Express Company (NYSE: AXP) announced its participation in two investor conferences. On
American Express (NYSE: AXP) has launched American Express Business Blueprint™, a digital cash flow management hub for small businesses. This platform offers free personalized cash flow insights, access to various digital financial products, and a centralized dashboard for managing Business Cards. Integrated with the Kabbage platform acquired in 2020, it aims to enhance the financial management capabilities of small business owners. According to a survey, 82% of small businesses believe such a hub would significantly save them time, thereby boosting efficiency and profitability.
American Express Company (NYSE: AXP) reported a robust fourth-quarter 2022, with revenue increasing 17% to a record $14.2 billion, driven by unprecedented Card Member spending. The company achieved full-year net income of $7.5 billion ($9.85 per share), though this marked a 9% decline year-on-year. Provisions for credit losses surged to $2.2 billion, reversing last year’s benefit, but credit metrics remained strong. Notably, AXP anticipates 2023 revenue growth of 15% to 17% and EPS of $11.00 to $11.40. The company plans a 15% dividend increase, from $0.52 to $0.60 per share.
American Express (AXP) has announced plans to acquire Nipendo, a platform that automates and streamlines B2B payment processes. This acquisition aims to enhance American Express's capabilities in creating an efficient end-to-end B2B payments network. The integration of Nipendo's technology is expected to strengthen Amex's offerings for buyers and suppliers, facilitating faster, more transparent transactions. The deal is subject to customary closing conditions and is anticipated to finalize within the quarter.
American Express Company (NYSE: AXP) will host a live audio webcast of its earnings conference call at 8:30 a.m. ET on January 27, 2023. The call will cover the company's fourth-quarter and full-year 2022 financial results. Financial results and presentation materials will be posted at around 7 a.m. ET on the American Express Investor Relations website. An audio replay will also be available after the call.
American Express (NYSE:AXP) has reopened the newly expanded Centurion Lounge at San Francisco International Airport (SFO), doubling its size to 16,000 square feet. The upgraded lounge features enhanced seating, two wine bars, and a seasonal menu from Ravi Kapur, a James Beard-nominated chef. Guests can enjoy specialty wine flights curated by Anthony Giglio. The facility aims to provide Card Members with a refreshing travel experience and is part of American Express's strategy to enhance its lounge network, with plans to open new locations at Reagan National Airport and Hartsfield-Jackson Atlanta Airport soon.
American Express announced the election of Deborah Platt Majoras to its Board of Directors, effective December 7, 2022. Majoras previously served as Chief Legal Officer at Procter & Gamble and has extensive legal and regulatory experience, including a term as Chair of the Federal Trade Commission. CEO Stephen J. Squeri highlighted her expertise in navigating complex environments and her advocacy for consumer protection as a significant asset for the Board.
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