American Express Posts Record Revenue as Younger Affluent Consumers Drive Premium Card Growth
American Express achieved record third-quarter revenue of $18.43 billion as affluent millennials and Gen Z members demonstrated strong spending power. The company’s premium Platinum card refresh generated unprecedented demand, with new account acquisitions doubling compared to pre-launch levels according to company reports.
Record Financial Performance
American Express reportedly posted its strongest third-quarter results in company history, with net income reaching $2.9 billion according to the earnings release. Sources indicate this represents a 16% increase compared to the same period last year, with earnings per share climbing 19% to $4.14, surpassing analyst expectations of $3.99. Total revenue net of interest expense reportedly reached an all-time high of $18.43 billion, marking an 11% year-over-year increase and exceeding the anticipated $18.05 billion. The strong performance prompted a 7% surge in American Express shares following the announcement.