(Reuters) -American Express's first-quarter profit vaulted past Wall Street estimates on Friday, driven by an affluent customer base that increased spending ...
FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company American Express is seen in Los Angeles - American Express 's first-quarter profit vaulted past Wall Street estimates on Friday, driven by an affluent customer base that increased spending as recession fears receded.
Billed business, which represents the transaction values on AmEx cards and other payment products, rose 6%, to $367 billion in the first quarter. Still, the credit card giant has been immune to changes in spending and has downplayed worries of an economic slump for the last two years, bucking a larger trend of consumer softness expectations.
Wall Street Estimates Recession Fears
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