1/23/2015
NEW YORK – Multinational financial services corporation American Express closed 2014 with net earnings of $5.8 billion, 10 percent more than the previous year while its revenues grew 4 percent.
The largest credit card provider in the U.S. in terms of volume of expenditure showed a net profit of $5.56 per share against $4.88 in 2013 when it earned $5.3 billion, the company announced on Wednesday.
The company’s annual turnover stood at $34.2 billion, 4 percent more than the $32.9 billion in 2013.
Fourth-quarter profit was $1.4 billion, or $1.39 a share, compared with $1.3 billion, or $1.21 a share, for the same period of the previous year.
The New York-based company said that between October and December it generated revenues of $9.1 billion, which represents a 7 percent jump over the $8.5 billion in the last quarter of 2013.
Card-member spending in the U.S. rose 5 percent in the last quarter to reach $4.6 billion whereas international card expenditure fell 5 percent to $1.4 billion.
Although the quarterly results exceeded forecasts, company shares fell about 2 percent in after-hours trading.
The fall was attributed to reports in local media about the company’s intention to undertake a comprehensive restructuring plan that would involve the dismissal of some 4,000 workers this year worldwide.
American Express currently employs around 63,000 people.
source
NEW YORK – Multinational financial services corporation American Express closed 2014 with net earnings of $5.8 billion, 10 percent more than the previous year while its revenues grew 4 percent.
The largest credit card provider in the U.S. in terms of volume of expenditure showed a net profit of $5.56 per share against $4.88 in 2013 when it earned $5.3 billion, the company announced on Wednesday.
The company’s annual turnover stood at $34.2 billion, 4 percent more than the $32.9 billion in 2013.
Fourth-quarter profit was $1.4 billion, or $1.39 a share, compared with $1.3 billion, or $1.21 a share, for the same period of the previous year.
The New York-based company said that between October and December it generated revenues of $9.1 billion, which represents a 7 percent jump over the $8.5 billion in the last quarter of 2013.
Card-member spending in the U.S. rose 5 percent in the last quarter to reach $4.6 billion whereas international card expenditure fell 5 percent to $1.4 billion.
Although the quarterly results exceeded forecasts, company shares fell about 2 percent in after-hours trading.
The fall was attributed to reports in local media about the company’s intention to undertake a comprehensive restructuring plan that would involve the dismissal of some 4,000 workers this year worldwide.
American Express currently employs around 63,000 people.
source
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