American Express Axes 5,400 Jobs To Adapt To The 'Digital Revolution' |
| Forbes - Jan 10, 2013 |
American Express reported preliminary fourth quarter earnings after the bell on Thursday, narrowly beating both top and bottom-line estimates. Amex also unveiled $894 million in charges as they restructure their business to face the “digital revolution” that is consumers increasing their online and mobile purchases.
Net income came in at $637 million, but excluding the aforementioned charges, its fourth quarter profit came flat at $1.2 billion. In a per share basis, American Express earned $1.09, beating the $1.04 consensus estimate.
Revenue grew 5% to $8.1 billion, also coming in above estimates, which called for $8 billion. The company noted cardmember spending grew 8%, despite a dip in the American northeast caused by Hurricane Sandy. Credit indicators, management explained, remain at all-time lows, with the write-off rate for the U.S. lending portfolio was 2% for the quarter.
Read Full Article from Forbes
- Posted: 2013-01-10 17:42:10
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