Now the company Insiders own 0.2% of American Express Company Company shares. Analysts were looking for $8.43 billion in revenue. Analysts at Zacks upgraded shares of American Express Company from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a research note on Wednesday, July 8th. The Company’s range of products and services includes Charge and credit card products, Expense management products and services, Consumer and business travel services, Stored value products, such as travelers cheques and other prepaid products, Network services, merchant acquisition and processing, servicing and settlement, and point-of-sale, marketing and information products and services for merchants, and fee services, including market and trend analyses and related consulting services, fraud prevention services, and the design of customized customer loyalty and rewards programs. That increase primarily reflected higher card member spending and growth in the loan portfolio.
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Total expenses fell 4.2 percent to $5.59 billion from a year earlier as marketing costs dropped. AmEx said in February that the loss of the U.S. Costco contract would hurt earnings for the next two years.
American Express stock was trading 1.20% down at $78 as of 4:19 PM today, after the company’s earnings and revenue decline substantially over the year.
Global Card Services reported second-quarter net income up 62% to $125 million. The company’s revenue declined 4.06% YoY to $8.28 billion in the quarter, up from $8.63 billion in prior-year quarter. The company has a market cap of $80,197 million and the number of outstanding shares have been calculated to be 1,015,796,000 shares. Total worldwide card services expenses were down 16% to $1.0 billion. “(AmEx did) better than our expectations on earnings, but people might focus on revenue being slightly weaker, though a lot of that is driven by FX”, FBR & Co analyst Sanjay Sakhrani said. GNMS operates a global payments network, which processes and settles proprietary and non-proprietary card transactions.
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The global electronic payment processor has publicly stated that it was up against several challenges in the recent second quarter, and has warned of a likely lower EPS for the company’s stock compared to the same quarter past year.
