American Express EPS beats by $0.50, beats on revenue

• American Express (NYSE:AXP): Q3 GAAP EPS of $2.27 beats by $0.50.
• Revenue of $10.93B (+24.9% Y/Y) beats by $380M.
• Shares +0.8% PM.
• Press Release
• Provision for credit losses of -$191M vs. $152.8M consensus.
• The change in provisions primarily reflected credit reserve releases of $393 million and lower net write-offs in the current quarter.
• “We’re operating from a position of strength, and we see more opportunity ahead to drive sustainable, long-term growth. With the progress we’ve made against our key priorities this year, we remain confident in our ability to be within the high end of the range of the EPS expectations we had for 2020 in 2022,” said Stephen J. Squeri, Chairman and Chief Executive Officer.