American Express Stock Rises on Strong Guidance. The Wealthy Are Still Spending.

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American Express shares rose after the card issuer reported quarterly earnings below estimates but offered strong guidance and a dividend boost. Total provisions for credit losses were $1.44 billion, rising from the $1.03 billion in the year-ago quarter. “Since January 2022, we’ve grown revenues by more than 40%, from $42 billion to $61 billion, and Card Member spending has increased by 37% on an FX-adjusted basis to $1.5 trillion, an all-time high,” said CEO Stephen Squeri in a statement.
 
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