American Express Stock Surges on Q3 Earnings, Revenue Beat
American Express (NYSE:AXP) stock was up more than 1% late in the day as the company reported its latest quarterly earnings results after hours Thursday, which came in ahead of what analysts were calling for in the Wall Street consensus estimate.
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The credit card company said that for its third quarter of fiscal 2018, it brought in adjusted earnings of $1.88 per share, which is stronger than the $1.77 per share that analysts were calling for, according to data compiled by Refinitiv. The figure marked an increase of 22% compared to the year-ago quarter.
Revenue for the period tallied up to $10.1 billion for American Express, which is stronger than the $10.05 billion that analysts polled by Refinitiv were calling for. The company added that for its fiscal 2018, it projects its revenue to be around 9% to 10% higher than during the year-ago quarter.
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Plus, the company increased its fiscal 2018 profit forecast from the range of $6.90 to $7.30 per share to $7.30 to $7.40 per share. American Express also said that its net income in global consumer services was up 15% compared to the year-ago quarter, reaching $779 million.
In its commercial services, net income was up about 20%, reaching $606 million. The company also inked a deal with PayPal and Venmo, allowing cardholders to send payments and pay their Amex bills through the services.
AXP stock is up about 1.1% after the bell on Thursday following the company’s strong quarterly earnings results. Shares had been down about 1.4% in anticipation of the company’s results.
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