On Friday, the 18th of October 2019, the NY-based multinational credit card issuer, American Express had reported a better-than-expected quarterly earnings’ report for Q3, 2019, buoyed by a surprise upsurge in consumer spending despite a rapid escalation of Sino-US trade spat during that period, nonetheless a fifty-year low unemployment figure alongside a solid labour market seemed to have uplifted US consumer spending over the third quarter of the year.
In point of fact, while a number of critical US data had been simmering outlook of a US economy, manufacturing activity of which had already entered into a technical recession in line with China alongside Germany, Amex’s quarterly report had solaced investors’ concerns, as the multinational credit card issuer had reported a revenue growth of 8 per cent for straight nine quarters in a row.
According to American Express’s quarterly earnings’ report for Q3, 2019, the multinational financial service provider’s net profit rose to $1.76 billion or $2.08 per share for the quarter that ended on September 30th, from a $1.65 billion in operating profit a quarter earlier.
Aside from that, expressing an out-and-out optimism over the company’s fourth quarter outlook, American Express Chief Executive, Jeffrey Campbell said to the analysts in a post-earnings’ call on Friday (October 18th), “We see a long runway to sustain this performance. In the (fourth quarter), we expect revenue growth to continue with the strong levels we have seen. ”