Credit-card company American Express handed in earnings and revenue that easily beat analysts’ estimates. Earnings per share, excluding certain items, came in at $1.23 on $8.39 billion in revenue.
Analysts had expected American Express to report earnings of about $1.12 a share on $8.34 billion in revenue, according to a consensus estimate from Thomson Reuters.
AmEx shares rose on the immediate news but soon reversed course.
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Fidelity Investments announced earlier this month that it would be ending its 12-year partnership with American Express and Bank of America.
The switch was another setback for American Express, which was already reeling from its lost deal with warehouse club retailer Costco Wholesale. AmEx said earlier this year the loss of the Costco contract would hurt profit for two years.
[“source -pcworld”]
