Earnings Recap: IBM and Ebay Disappoint on Revenue, Select Comfort Plunges 23%
Shares of American Express (NYSE:AXP) gained 1.4 percent on Wednesday and continued to trade higher in late afternoon hours. American Express reported quarterly earnings of $1.25 per share share on revenue of $8.30 billion, beating expectations calling for $1.22 per share on $8.19 billion. “Despite an uncertain environment, we generated a healthy increase in revenues and stronger Card Member spending across all regions this quarter,” said Kenneth I. Chenault, chairman and chief executive officer, American Express. “Spending on our global network rose 7 percent (9 percent adjusted for currency translations) and Card Member loans continued the modest growth rates we have been seeing for the past several quarters.” American Express shares are up more than 30 percent this year.