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Amex Beats Expectations, Stock Drops
Description
American Express delivers impressive earnings, beating expectations with 11% revenue growth and 18% earnings per share jump. Spending from affluent cardholders surges, particularly on luxury goods and premium travel. Despite strong numbers, Amex stock drops due to retention concerns and steady growth not meeting investor expectations. Ecosystem upgrades drive growth, with hotel bookings up 50% and Amex Travel airfares up 21%. Annual fees rise 18% due to card hikes, and domestic card additions slow.
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