AmEx said it now expects full-year revenue to grow between 23% and 25%, up from 18% to 20% previously.
Spending on the company's cards hit a record high in the second quarter, and spending by millennial and Gen Z members increased nearly 50 percent.
That helped AmEx post net income of $2.57 per share, beating analysts' expectations of $2.41, according to Refinitiv data.
We've seen a steady increase in consumer spending over the past 18 months," said Michael Ashley Shulman, chief investment officer at Running Point Capital Advisors. It has happened.
"Since price inflation is faster than wage inflation, it may make sense for a family to buy some big-ticket durables now, rather than until the cost of goods increases compared to wages.
Do not increase wait." However, the deteriorating economic picture forced AmEx to post a $410 million charge for credit losses, a sharp contrast to a $606 million gain a year ago.
Spending also rose by nearly a third to $10.4 billion, driven by the New York-based company's efforts to attract customers by spending on rewards and incentives.