American Express (NYSE: AXP) reported late Wednesday that its second-quarter profit climbed 31% to $1.3 billion, or $1.10 a share, from $1 billion, or 84 cents a share, in the year-quarter. On an ajusted basis, the company earned $1.07 a share in the latest quarter. Revenue rose 12% to $7.6 billion from $6.8 billion. Analysts, on average, expected the company to report earnings of 98 cents a share on revenue of $7.35 billion.
"Strong revenues and excellent credit performance helped us deliver record earnings this quarter," said Kenneth I. Chenault, chairman and chief executive officer, American Express. "Higher revenue growth reflects an attractive return on the investments we've been making to strengthen merchant relationships and enhance cardmember services.
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