Late Wednesday, American Express Company (NYSE:AXP) reported
a 1 percent in third quarter net income, helped by a reduction in expenses and
increased spending on its credit cards.
For September quarter, American Express reported net
income of $1.25 billion, or $1.09 per share, for the three months ended Sept.
30. That compares with net income of $1.24 billion, or $1.03 per share, in the
same period last year.
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Revenue rose 4 percent to $7.86 billion from $7.57
billion.
Analysts were expecting earnings of $1.09 per share on
revenue of $7.9 billion.
Credit card spends by the company’s customers rose 8
percent in the U.S. during the quarter from a year earlier while globally it
rose 6 percent. This contributed to a 4 percent rise in revenues.
The bank's provisions for bad loans rose 92 percent in
the quarter to $479 million. "Spending growth continues to be healthy
despite the uneven economy," said Dan Henry, American Express' chief
financial officer, during a conference call with Wall Street analysts.
Auction site eBay Inc (NASDAQ:EBAY) reported quarterly
earnings that were better than expectations while outlook met with forecasts.
The company posted third-quarter earnings excluding
items of 55 cents per share, up from 48 cents a share in the year-earlier
period.
Revenue increased to $3.40 billion from $2.97 billion
a year ago.
Analysts had expected the company to report earnings
excluding items of 54 cents a share on $3.41 billion in revenue.
Guidance for the fourth quarter was in-line with
estimates: Earnings of 66 to 69 cents a share on revenue of $3.85 billion to $4
billion. Analysts currently expect EPS of 68 cents on revenue of $3.94 billion.
Shares of EBAY are up 0.10% in the pre-open session.
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