American Express Hits Record Revenue on Affluent Spending, Lifts Outlook
American Express posted record quarterly revenue as affluent consumers fueled spending, with third-quarter earnings per share reaching $4.14 on $18.43 billion in revenue—an 11% year-over-year jump. The company credited refreshed high-end credit cards and robust demand from wealthy shoppers for the outperformance.
Management raised the lower end of its full-year EPS guidance to $15.20-$15.50, up from $15-$15.50, while revenue growth projections tightened to 9%-10%. Shares surged 6% to approximately $343, poised for a historic close.
The results highlight the growing economic divergence where stock market gains disproportionately benefit high-net-worth individuals. CEO Stephen Squeri emphasized the "successful launch" of premium card updates, noting engagement exceeded expectations.
