Friday Mar 29, 2024
Friday Mar 29, 2024

American Express profits fall slightly


Nepalnews
AP
2022 Apr 22, 19:47, New York
This Aug. 11, 2019, photo shows an American Express card in New Orleans. American Express’ first quarter profits fell roughly 6% from a year earlier, Friday, April 22, 2022, but the company saw a 30% jump in spending on their namesake cards in the quarter as its cardmembers returned to their habits of shopping, traveling and dining. (AP Photo)

American Express’ first-quarter profits fell roughly 6% from a year earlier, but the company saw a 30% jump in spending on its namesake cards in the quarter as its cardmembers returned to their habits of shopping, traveling and dining.

The New York-based company posted a profit of $2.1 billion, or $2.73 a share, down from $2.24 billion, or $2.74 a share, a year earlier. Last year’s results had a one-time boost to AmEx’s results, as the company released some of its reserves that it had set aside to cover potential losses earlier in the pandemic.

Travel and entertainment companies have been saying for months that U.S. consumers are eager to get back to traveling after the two-year coronavirus pandemic, and gauging from American Express’ results, this appears to be true. Cardmembers spent $350 billion on their AmEx cards in the quarter, up 30% from a year earlier. The average AmEx card holder spent nearly $6,000 on their accounts last quarter, up 27% from a year earlier.


READ ALSO:

American Express profits spending namesake cards in quarter as cardmembers shopping NepalNews
Nepal's First Online News Portal
Published by Nepalnews Pvt Ltd
Editor: Raju Silwal
Information Department Registration No. 1505 / 076-77

Contact

KMC-02, UttarDhoka,
Lazimpat, Nepal

Newsroom
+977–01–4445751 / 4445754

E-mail
[email protected] [email protected]

Terms of Use Disclaimer
© NepalNews. 2021 All rights reserved. | Nepal's First News Portal