From BigGo Finance · BigGo Finance · · 1m 20s
American Express Q3 Results Fall Short
American Express reports $454 billion billed business, misses estimates, and plans 5% staff cuts.
In brief
American Express reports $454 billion billed business, misses estimates, and plans 5% staff cuts. American Express reported Q3 billed business of $454 billion, below estimates, and announced 5% staff cuts while raising full-year profit guidance. Originally reported by BigGo Finance.
Q3 Billed Business Misses Estimates
American Express reported third-quarter 2026 billed business of $454 billion, below analysts' $456.9 billion estimate.
Net Revenue Slightly Below Forecast
Net revenue of $20.06 billion fell slightly short of the $20.12 billion analysts forecasted.
Adjusted EPS Beats Estimates
Adjusted earnings per share of $4.68 beat the $4.49 analyst average estimate.
Full-Year Profit Guidance Raised
The company raised its full-year EPS guidance to $18.30, $18.60 from $17.30, $17.90.
5% Staff Cuts Announced
American Express plans to cut about 5% of its staff to improve operating efficiency.
Credit Quality Improves
Net write-off rate fell to 1.8%, down from 1.9% a year earlier.
Anti-Money Laundering Fine
The company was fined $350 million by the Office of the Comptroller of the Currency and the Federal Reserve.
Market Reaction
Shares dropped 2.7% in premarket trading after the report.
Profit Metrics Beat
Net income was $3.71 billion, up from $2.9 billion a year earlier.
The bottom line
American Express reported Q3 billed business of $454 billion, below estimates, and announced 5% staff cuts while raising full-year profit guidance.
