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Oct. 19, 2016, 4:20 p.m. EDT

American Express shares rise 4% on earnings, revenue beat

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    American Express Co. (AXP)

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By Claudia Assis

AXP

Shares of American Express Co. /zigman2/quotes/203805826/composite AXP -1.08% rose 4% late Wednesday after the credit card company reported third-quarter earnings and revenue that beat Wall Street expectations. American Express said it earned $1.14 billion, or $1.20 a share, in the quarter, compared with $1.26 billion, or $1.24 a share, in the third quarter of 2015. Adjusted for one-time items, the company earned $1.24 a share, the same as it reported in the year-ago period. Sales reached $7.77 billion, compared with $8.19 billion a year ago. Analysts polled by FactSet had expected American Express to report adjusted earnings of 97 cents a share on sales of $7.71 billion. Despite losing the Costco account earlier this year, and excluding the impact of Costco-related revenues in the year ago-period, adjusted revenues rose 5%, thanks to an increase in member spending, and higher net interest income and net card fees. Shares of American Express had ended the regular session up 2%.

/zigman2/quotes/203805826/composite
US : U.S.: NYSE
$ 97.75
-1.07 -1.08%
Volume: 3.20M
Sept. 29, 2020 4:02p
P/E Ratio
20.25
Dividend Yield
1.76%
Market Cap
$79.57 billion
Rev. per Employee
$733,559
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