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10/18/2019, 1:30 PM (Source: TeleTrader)
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American Express EPS up 11% to $2.08 in Q3

American Express said on Thursday its revenue in the third quarter of 2019 stood at $11 billion, marking an 8% increase compared to the same period a year ago and slightly topping market estimates. Diluted earnings per share (EPS) rose 11% year on year and net income was up 6% to $1.75 billion.

"Our results continued the steady performance we’ve been delivering for several years now, marking the 9th straight quarter of FX-adjusted revenue growth of at least 8%," CEO Steve Squeri stated. "I’m pleased with the breadth and consistency of our revenue growth, driven by a well-balanced mix of Card Member spending, loans and membership revenues from our feebased products, which grew 19% and exceeded $1 billion this quarter for the first time," he added.

Amex shares jumped 2.15% in premarket trading on better-than-expected results.

Breaking the News / NP