Credit card giant American Express (AXP) has reported strong third-quarter financial results as its wealthy clients continue to spend.
The New York City-based company announced earnings per share (EPS) of $4.14 U.S., which beat the $4 U.S. expected on Wall Street.
American Express also reported record revenue of $18.40 billion U.S., which topped the consensus estimate of $18 billion U.S.
Management said that American Express benefited from higher spending among its affluent customers during the third quarter, with credit card spending growing 9% from a year ago.
In September of this year, the company introduced new perks and increased the annual fee for its popular U.S. consumer and business Platinum cards, giving its revenue a boost.
Looking ahead, American Express raised its full-year guidance for revenue growth to between 9% and 10% and forecast earnings of $15.20 U.S. to $15.50 U.S. per share.
Previously, the company forecast 8% to 10% revenue growth and $15 U.S. to $15.50 U.S. in per-share profit.
AXP stock has gained 8% this year to trade at $323.12 U.S. per share.
