American Express Company reports news about a global payments and premium lifestyle brand that issues charge and credit card products, operates a merchant payment network, and serves consumers, small and mid-sized businesses, large corporations, and merchants. Company updates often cover earnings releases, Card Member spending and credit performance, dividend actions on common and preferred shares, investor presentations, and capital allocation.
American Express news also includes product and network developments tied to commercial cards, co-brand card programs, Membership experiences, merchant relationships, Resy dining initiatives, small-business education, and brand partnerships. These announcements reflect the company's model of combining payments, lending, merchant acceptance, rewards, and service experiences across its global network.
American Express Company (NYSE: AXP) reported a third-quarter net income of $1.9 billion, or $2.47 per share, a 9% increase from $2.27 per share last year. Total revenues reached $13.6 billion, growing 24% year-over-year, driven by a 21% rise in card member spending. Notable growth was seen in travel and entertainment spending, increasing 57% year-over-year. Provisions for credit losses were $778 million, a shift from a $191 million benefit a year ago, reflecting reserve builds due to rising credit demands. The company projects full-year revenue growth of 23% to 25%.
American Express (NYSE: AXP) and Cvent (Nasdaq: CVT) announced enhanced features to the Cvent Event Marketing & Management platform, focusing on payment processing and budget management. Key upgrades include streamlining onboarding, simplifying expense allocation, expanding virtual funding options, and incorporating automated reconciliation to enhance budget visibility. A poll revealed 97% of corporate planners consider meetings more crucial now than pre-pandemic, with 74% expecting their budgets to increase. These improvements aim to meet growing corporate needs for efficient event management.
American Express Company (NYSE: AXP) has welcomed Walter Joseph “Jay” Clayton to its Board of Directors, effective October 5, 2022. Clayton previously served as the Chairman of the U.S. Securities and Exchange Commission from 2017 to 2020. His experience in regulatory and legal matters, along with a strong background in financial markets, positions him as a valuable asset to the Board. Clayton aims to enhance corporate governance and contribute to the company’s growth plan as stated by Stephen J. Squeri, Chairman and CEO.
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The Board of Directors of American Express Company (AXP) has declared a quarterly dividend of $0.52 per common share. This dividend is set to be paid on November 10, 2022, to shareholders on record as of October 14, 2022. This announcement continues to reflect the company's commitment to returning value to its shareholders.
American Express Company (NYSE: AXP) is set to host a live audio webcast on October 21, 2022, at 8:30 a.m. (ET) to discuss its third quarter 2022 financial results. Financial results and presentation materials will be posted on its Investor Relations website at approximately 7 a.m. (ET) prior to the call, and an audio replay will be available afterward. Investors and the public can access the webcast via ir.americanexpress.com.
American Express Company (NYSE: AXP) CFO Jeffrey C. Campbell will speak at the Barclays Global Financial Services Conference on September 12, 2022, at 2 p.m. ET. The discussion will focus on the company’s business strategy and financial performance. A live audio webcast can be accessed through the American Express Investor Relations website, with a replay available post-event. American Express is a global payments company that enhances customer experiences and business success.
American Express has kicked off its sponsorship of the 2022 US Open Tennis Championships, providing Card Members exclusive access to complimentary court reservations through a partnership with Break the Love. Card Members can reserve time at over 500 tennis and pickleball courts until September 13, 2022, unlocking peak reservation times. The on-site experience will include immersive activities, American Express Lounges, and unique perks such as a $20 rebate offer on $100 or more spent at the event. The partnership aims to connect more fans to tennis.
American Express (NYSE:AXP) announces The Resy Drive-Thru New York, a culinary event on September 16-17, 2022, at Brooklyn’s Skyline Drive-In. Gold Card Members gain early access to tickets starting August 15, with perks including a 10-course tasting menu from top NYC restaurants. The event reflects consumer enthusiasm for unique dining experiences, with 73% of Gen Z and Millennials willing to spend more on such experiences compared to last year. Tickets are priced at $110 per person.
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