Broadly in-line quarter
Q2 revenue missed by 1% as top line growth moderated by 3pp from Q1, or by 1pp adjusting for FX. But overall, billings growth remains strong and importantly core discount revenue was a touch ahead of expectations. Expenses were altogether in-line and EPS of $1.84 was a penny ahead. Our earnings estimates are effectively unchanged and we remain Neutral with $112 PT.American Express is a payments company. The company is engaged in providing credit and charge cards to consumers, small businesses, mid-sized companies and corporations. The company's reportable operating segments are: Global Consumer Services Group, which provides services to consumers, including travel and lifestyle services; Global Commercial Services, which provides payment and expense management services, as weel as commercial financing products; and Global Merchant and Network Services, which operates a global payments network that processes and settles card transactions, acquires merchants and provides multi-channel marketing programs and capabilities, and services and data analytics.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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