00:00It's Benzinga, bringing Wall Street to Main Street.
00:02American Express raised its full-year revenue growth forecast and beat second-quarter profit
00:07expectations as affluent customers continued spending on travel and dining despite lingering
00:12economic uncertainty, according to Reuters. The card issuer reported second-quarter earnings
00:18of $4.53 per share, beating Wall Street expectations of $4.40 per share, while revenue rose 10%
00:26year-over-year to $19.6 billion. Build Business increased 9% to $455.8 billion on a foreign
00:35exchange-adjusted basis. CEO Steven Squarey said the company is seeing stronger momentum than expected
00:42after investments in its value propositions drove faster spending and revenue growth.
00:47American Express also raised its full-year revenue growth forecast to 10% while maintaining its
00:52profit growth outlook. The company set aside $1.1 billion for credit losses, down from $1.4 billion
00:59a year earlier. For all things money, visit Benzinga.com.
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