American Express beats earnings expectations

American Express on Wednesday reported second-quarter earnings that beat analyst expectations.

The financial services company posted $2.10 in adjusted earnings per share (EPS), on revenues of $8.2 billion.

Analysts had forecast that the company reported adjusted EPS of $1.95 on revenues of $8.46 billion, according to Bloomberg.

Their concerns had ranged from increased competition in the credit card lending space, to, perhaps more importantly, the impact of Costco’s co-branding portfolio loss.

The company officially sold its Costco co-brand portfolio earlier this year, and offered its
Blue Cash Everyday Card to existing Costco cardholders, to try and win them back.

More to come …

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