The American Express Company (Amex) revealed on Friday that its revenue in the third quarter of the year observed an annual rise of 24% to reach $13.6 billion, surpassing the market projections.
The company's net income increased by 3% compared to the year before, coming in at $1.9 billion. The company's diluted earnings per share (EPS) advanced by 9%, in comparison to the same trimester the year before, going from $2.27 to $2.47 per share.
"The strength of our results, combined with the many opportunities we see for our business, reinforce our confidence in our ability to achieve our long-term growth plan aspirations," the company's Chairman and Chief Executive Officer (CEO) Stephen J. Squeri commented. According to the report, the surging revenue is primarily driven by increased Card Member spending.
The company's stocks decreased by 3.45% in premarket trading after the release of the report.
