AmEx maintains profit forecast after strong Q2 report, stocks fall before the bell

July 21 (Reuters) – Payments operator American Express kept its full-year earnings guidance unchanged on Friday, disappointing investors and easing the impact of better-than-expected quarterly results on record spending by young and affluent customers.

AmEx shares fell 4.4% over the counter as the credit card giant reiterated its 2023 full-year earnings guidance of $11-11.4 a share. Analysts were expecting an average of $11.11 per share, according to Refinitiv data.

American Express’s second-quarter earnings were $2.89 per share, beating analysts’ average estimate of $2.81 per share from Refinitiv’s IBES.

Total revenue excluding interest expense increased 12% to $15.05 billion.

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