핵심 요약
- 1. American Express shares fell by 6 percent to 320.55 dollars, despite the company announcing an earnings report that beat expectations for Q2.
- 2. The management raised the revenue growth expectation to 10 percent but stated that the surplus obtained would be transferred to growth investments.
- 3. Competitor payment companies Visa and Mastercard followed a steady course, indicating that the decline is specific to the company rather than sector-wide.
- 4. The company's net software (credit loss) provisions showed a significant improvement compared to last year, declining to 1.1 billion dollars.
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American Express announced its 2026 second quarter financial results, achieving revenue above market expectations. The company's stock price lost 6 percent of its value, declining to 320.55 dollars from the previous close of 340.84 dollars following the announcement. Investors left the shares under selling pressure because the company preferred to direct its strong revenue growth towards growth expenditures.
The company's card member spending reached 455.8 billion dollars, a 9 percent increase when adjusted for currency effects, recording the strongest spending growth in the last three years. Citing the strong performance in the second half of the year as a reason, the management increased the year-end revenue growth forecast to 10 percent. However, it was announced that the additional revenue obtained throughout the year will be reinvested in new growth projects.
The decline in American Express's shares did not affect its competitors, Visa and Mastercard, and both companies followed a steady course. This shows that there is no general contraction in the sector and that the decline is a situation specific only to American Express. Similarly, the XLF ETF, representing the financial sector, maintained its calmness, confirming that there was no widespread panic across the sector.
Cost increases continue to be a crucial process for the company's future projections. The company's expenses increased by 12 percent compared to the previous year, reaching 14.5 billion dollars, outpacing revenue growth. In addition, the effective tax rate increased to 24 percent from 19 percent in the same period last year.
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- Did American Express's second quarter earnings report meet expectations?
- Yes, the company exceeded the expectation of 4.40 dollars with an EPS of 4.53 dollars per share, and net income was realized as 3.11 billion dollars.
- Why did the shares fall despite expectations being beaten?
- Investors were concerned that the company preferred to direct its strong revenue growth to growth and investment expenditures rather than profit, and that expenses exceeded revenue growth with a 12 percent increase.
- Did competitors Visa and Mastercard experience the same decline?
- No, Visa and Mastercard shares remained stable. This shows that the decline in American Express is a company-specific situation rather than a sector issue.