Latest news with #ChristopheLeCaillec
Travel Weekly
21-07-2025
- Business
- Travel Weekly
American Express: 'Softer' airline, lodging Q2 spend by corporate customers
Travel and entertainment spending by American Express commercial customers slowed its growth rate in the second quarter, although total spending in the segment maintained a constant pace of growth, the company reported. T&E spending by Amex commercial customers increased 1% in Q2, compared with a 2% increase in the first quarter. Commercial customer spending on goods and services was up 3% in the quarter, and total spending was up 2% -- the same rate as the first quarter, although that quarter also was skewed by about a percentage point due to the extra day in the 2024 leap year. In its earnings call, American Express CFO Christophe Le Caillec said the slower T&E growth was "driven by softer airline and lodging spend, while restaurant spending continued to be very strong, up 8%." Spending by U.S. large and global corporate clients, inclusive of T&E and goods and services, increased 4% year in the second quarter. Spending by small and midsized clients increased 2%, Amex reported. Total spending, inclusive of T&E and goods and services, by Amex business clients outside of the U.S. increased 12% in the second quarter. Total international T&E spending, which includes both consumer and commercial clients, was up 8%. This report originally appeared in Business Travel News, a sister publication to Travel Weekly. American Express reported total revenue of $17.9 billion in the second quarter, up 9%. Net income for the quarter was $2.9 billion, down slightly from $3 billion in Q2 2024. American Express' consolidated expenses increased 14%.
Yahoo
19-07-2025
- Business
- Yahoo
AmEx execs were asked about the upcoming Platinum card changes and crowding concerns at lounges — here's what they said
American Express execs were asked about Platinum card fees and crowded lounges on an earnings call. The current annual fee is $695, which is still less than that of the Chase Sapphire Reserve card. Executives also said they expect "more innovation" in airport lounges and acknowledged crowding issues. Few details have come out about the coming updated American Express Platinum Card — including how much it will cost, as the world of premium credit cards gets ever glitzier. The company's CEO and chief financial officer were asked about card fee growth on a second-quarter earnings call on July 18. "Given the previous conversations that we had about the timing of the platinum fee increase, it's only sometime in the new year, in 2026, that you should see that inflection point and a bit more acceleration," CFO Christophe Le Caillec said on the call. He added that card fee growth rates will likely "moderate" within the balance of this year. A representative for American Express declined to comment. Currently, the Amex Platinum Card has an annual fee of $695, which is less than the $795 yearly fee for the Chase Sapphire Reserve credit card. Amex promised an update on the Platinum card later this year and said more details would come in the fall. Some have speculated that the fee on the revamped Platinum card could reach $1,000. "Anybody who thinks that we're refreshing the product in response to what our competitors are doing is crazy," CEO Stephen Squeri said on the call. "We have our own schedule." Current cardholders get a range of perks, including access to certain airport lounges and other travel credits. As those lounges continue to boom in popularity, Amex executives were also asked about overcrowding concerns and competition from airlines and other credit cards. "We're trying to make the lounges bigger," Squeri said on the call. "I think this whole lounge game has been a boom for airport authorities in terms of how many lounges they can put in." He mentioned a new, smaller "sidecar" lounge in Las Vegas, where cardholders can pop in for a quick drink, and said Amex works closely with its partner Delta to try and deal with the crowds. "I think you'll continue to see more innovation here," Squeri added. "You'll look at more expansion of existing lounges where we can get space. And you'll look at a strategy that looks at satellite locations so that, you know, we can handle the demand that we get." The company's second-quarter revenue minus interest expense was $17.9 billion, rising 9% year-over-year, according to a press release. The growth was driven in part by increased spending and "continued strong card fee growth," Amex said in the release. Amex's stock was down more than 2.3% by the time the market closed. Squeri emphasized the company's focus on premium users in the press release, saying demand is strong and teasing the coming Platinum "refresh." The question of exactly how much that "refresh" will cost, though, remains to be answered. Read the original article on Business Insider
Yahoo
19-07-2025
- Business
- Yahoo
AmEx execs were asked about the upcoming Platinum card changes and crowding concerns at lounges — here's what they said
American Express execs were asked about Platinum card fees and crowded lounges on an earnings call. The current annual fee is $695, which is still less than that of the Chase Sapphire Reserve card. Executives also said they expect "more innovation" in airport lounges and acknowledged crowding issues. Few details have come out about the coming updated American Express Platinum Card — including how much it will cost, as the world of premium credit cards gets ever glitzier. The company's CEO and chief financial officer were asked about card fee growth on a second-quarter earnings call on July 18. "Given the previous conversations that we had about the timing of the platinum fee increase, it's only sometime in the new year, in 2026, that you should see that inflection point and a bit more acceleration," CFO Christophe Le Caillec said on the call. He added that card fee growth rates will likely "moderate" within the balance of this year. A representative for American Express declined to comment. Currently, the Amex Platinum Card has an annual fee of $695, which is less than the $795 yearly fee for the Chase Sapphire Reserve credit card. Amex promised an update on the Platinum card later this year and said more details would come in the fall. Some have speculated that the fee on the revamped Platinum card could reach $1,000. "Anybody who thinks that we're refreshing the product in response to what our competitors are doing is crazy," CEO Stephen Squeri said on the call. "We have our own schedule." Current cardholders get a range of perks, including access to certain airport lounges and other travel credits. As those lounges continue to boom in popularity, Amex executives were also asked about overcrowding concerns and competition from airlines and other credit cards. "We're trying to make the lounges bigger," Squeri said on the call. "I think this whole lounge game has been a boom for airport authorities in terms of how many lounges they can put in." He mentioned a new, smaller "sidecar" lounge in Las Vegas, where cardholders can pop in for a quick drink, and said Amex works closely with its partner Delta to try and deal with the crowds. "I think you'll continue to see more innovation here," Squeri added. "You'll look at more expansion of existing lounges where we can get space. And you'll look at a strategy that looks at satellite locations so that, you know, we can handle the demand that we get." The company's second-quarter revenue minus interest expense was $17.9 billion, rising 9% year-over-year, according to a press release. The growth was driven in part by increased spending and "continued strong card fee growth," Amex said in the release. Amex's stock was down more than 2.3% by the time the market closed. Squeri emphasized the company's focus on premium users in the press release, saying demand is strong and teasing the coming Platinum "refresh." The question of exactly how much that "refresh" will cost, though, remains to be answered. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-07-2025
- Business
- Yahoo
American Express Beats Q2 Profit Forecast; Shrugs Off Rival Card Threats
American Express (AXP, Financials) reported better-than-expected second-quarter earnings Friday, with company leaders brushing aside worries about rising competition in the premium card space. Warning! GuruFocus has detected 5 Warning Signs with BZAI. The credit card business produced $4.08 per share in adjusted earnings, which was more than LSEG's average projection of $3.89. The company's revenue rose 9% from the previous year to $17.9 billion, which was a little more than were optimistic that the company's long-term focus on wealthy customers, which includes special benefits, restaurant booking services like Resy and Tock, and the next redesign of its Platinum card, will help it stay ahead. Christophe Le Caillec, the CFO, told Reuters that he was excited about the challenge from Citigroup's proposed "Citi Strata Elite" card. He claimed that clients will still choose AmEx when they compare since the company has assets that its competitors don't Express still depends on its high-end offerings, which focus on experiences and exclusivity rather than simple payback advantages. Experts think that this plan has helped the business get a lot of customers that other businesses would like to have. Stephen Squeri, the CEO, said that people kept spending the same amount of money, even when the economy was awful. Rich people with cards kept traveling and spending. However, AmEx did raise its credit loss reserve to $1.4 billion and noted that spending on airlines was still though AmEx's shares did better than expected, they fell more than 3% on the day. This year, they have gone up 6.3%, which is less than the 7% gain of the S&P 500. The corporation kept to its projection for 2025 that earnings per share would be between $15 and $15.50 and that sales would climb by 8% to 10%. This article first appeared on GuruFocus.
Yahoo
18-07-2025
- Business
- Yahoo
American Express Beats Q2 Profit Forecast; Shrugs Off Rival Card Threats
American Express (AXP, Financials) reported better-than-expected second-quarter earnings Friday, with company leaders brushing aside worries about rising competition in the premium card space. Warning! GuruFocus has detected 5 Warning Signs with BZAI. The credit card business produced $4.08 per share in adjusted earnings, which was more than LSEG's average projection of $3.89. The company's revenue rose 9% from the previous year to $17.9 billion, which was a little more than were optimistic that the company's long-term focus on wealthy customers, which includes special benefits, restaurant booking services like Resy and Tock, and the next redesign of its Platinum card, will help it stay ahead. Christophe Le Caillec, the CFO, told Reuters that he was excited about the challenge from Citigroup's proposed "Citi Strata Elite" card. He claimed that clients will still choose AmEx when they compare since the company has assets that its competitors don't Express still depends on its high-end offerings, which focus on experiences and exclusivity rather than simple payback advantages. Experts think that this plan has helped the business get a lot of customers that other businesses would like to have. Stephen Squeri, the CEO, said that people kept spending the same amount of money, even when the economy was awful. Rich people with cards kept traveling and spending. However, AmEx did raise its credit loss reserve to $1.4 billion and noted that spending on airlines was still though AmEx's shares did better than expected, they fell more than 3% on the day. This year, they have gone up 6.3%, which is less than the 7% gain of the S&P 500. The corporation kept to its projection for 2025 that earnings per share would be between $15 and $15.50 and that sales would climb by 8% to 10%. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
