American Express profit jumps as customers stick with the $895 Platinum Card
FROM THE WIRE · FINANCE.YAHOO.COM
NEW YORK (AP) — American Express saw its profits rise sharply in the third quarter as the credit card giant was able to transition the vast majority of its cardmembers over to the new higher-fee Platinum Card while its well-to-do customers continued to spend aggressively on…
Read at the source ↗MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bullishThird-quarter adjusted EPS of $4.68 beat Wall Street estimates, supporting the shares.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01Profit rose 28% year on year to $3.71 billion.
- 02The result includes a one-time gain from selling its stake in Global Business Travel Group.
- 03Most cardmembers transitioned to the new Platinum Card, which carries a higher annual fee.
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Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets