<p>Spending at restaurants, shops and entertainment venues has come back in force as vaccines become more common, fuelling a revenue surge at American Express during the second quarter.</p>.<p>That momentum picked up as the quarter progressed, particularly spending from younger customers, the company said Friday.</p>.<p>“We saw card member spending accelerate from the prior quarter and exceed pre-pandemic levels in June, with the largest portion of this spending growth coming from Millennial, Gen Z, and small business customers," Chairman and CEO Stephen Squeri said in a prepared statement.</p>.<p>Revenue, net of interest expense, jumped to $10.24 billion from $7.68 billion last year, and that was stronger than the $9.47 billion that Wall Street was looking for, according to a survey by Zacks Investment Research.</p>.<p>Shares of American Express Co. climbed nearly 4 per cent before the opening bell.</p>.<p>Demand for fee-based cards is getting stronger, Squeri said, and American Express registered 2.4 million new proprietary cards in the quarter.</p>.<p>The New York company earned $2.28 billion, or $2.80 per share, for the three months ended June 30. A year earlier it earned $257 million, or $0.29 per share. The current quarter included $866 million in credit reserve releases.</p>.<p>This easily beat projections of $1.64 from industry analysts.</p>.<p>American Express' bottom line took a hit in the pandemic, with fewer Americans traveling, dining out or shopping.</p>.<p>Spending on corporate and individual charge and credit cards dropped, and those who kept a revolving balance paid off their debts.</p>.<p>Earlier this month American Express said that it was increasing the benefits — and the fee — on its flagship Platinum Card. The annual fee is going from $550 to $695.</p>.<p><strong>Check out DH's latest videos:</strong></p>
<p>Spending at restaurants, shops and entertainment venues has come back in force as vaccines become more common, fuelling a revenue surge at American Express during the second quarter.</p>.<p>That momentum picked up as the quarter progressed, particularly spending from younger customers, the company said Friday.</p>.<p>“We saw card member spending accelerate from the prior quarter and exceed pre-pandemic levels in June, with the largest portion of this spending growth coming from Millennial, Gen Z, and small business customers," Chairman and CEO Stephen Squeri said in a prepared statement.</p>.<p>Revenue, net of interest expense, jumped to $10.24 billion from $7.68 billion last year, and that was stronger than the $9.47 billion that Wall Street was looking for, according to a survey by Zacks Investment Research.</p>.<p>Shares of American Express Co. climbed nearly 4 per cent before the opening bell.</p>.<p>Demand for fee-based cards is getting stronger, Squeri said, and American Express registered 2.4 million new proprietary cards in the quarter.</p>.<p>The New York company earned $2.28 billion, or $2.80 per share, for the three months ended June 30. A year earlier it earned $257 million, or $0.29 per share. The current quarter included $866 million in credit reserve releases.</p>.<p>This easily beat projections of $1.64 from industry analysts.</p>.<p>American Express' bottom line took a hit in the pandemic, with fewer Americans traveling, dining out or shopping.</p>.<p>Spending on corporate and individual charge and credit cards dropped, and those who kept a revolving balance paid off their debts.</p>.<p>Earlier this month American Express said that it was increasing the benefits — and the fee — on its flagship Platinum Card. The annual fee is going from $550 to $695.</p>.<p><strong>Check out DH's latest videos:</strong></p>