American Express (AXP) has reported a second quarter profit that beat Wall Street forecasts and reaffirmed its full-year 2023 guidance.
The credit card issuer announced Q2 earnings per share (EPS) of $2.89 U.S., which was better than the consensus forecast of $2.81 U.S. among analysts who cover the company.
Revenue for the quarter ended June 30 came in at $15.05 billion U.S., which was below the consensus estimate of $15.41 billion U.S., according to Refinitiv data.
Looking ahead, American Express reaffirmed its full-year 2023 guidance for earnings of $11.00 U.S. to $11.40 U.S. per share.
Despite the revenue miss, American Express said in its earnings statement that Q2 saw record levels of spending on its credit cards, notably through purchases related to travel and entertainment.
The stock of American Express has risen 18% over the last 12 months to trade at $177.11 U.S. per share.
