American Express Cardholders Spent $455.8 Billion Last Quarter.
Here’s What That Means for the Stock
Spending by American Express (NYSE:AXP) cardholders continues to rage, as the company just posted its largest quarter of billed business over the past year. Billed business volume was $455.8 billion in the second quarter, up 10% year over year and roughly 6.5% from the prior quarter. Despite strong spending data, American Express stock traded roughly 5% lower, as of 12:42 p.m.
ET, after posting second-quarter results. Amex reported $4.53 earnings per share, ahead of Wall Street consensus estimates. Revenue of $19.64 billion missed consensus by about $50 million.