American Express Q2 profit rises driven by higher spending and fewer delinquencies

American Express reported Q2 profit of $3.11 billion, or $4.53 per share, up from $2.89 billion or $4.08 per share a year earlier, beating analyst estimates of $4.40 per share. Average customer spending rose to $6,759 from $6,393, and the company added 3 million new cards in the quarter, with three-quarters opting for annual-fee products. Revenue guidance for the year was raised, though profit outlook was kept unchanged due to a 12 percent rise in expenses tied to marketing and AI investments amid competition from JPMorgan Chase Sapphire Reserve, Citigroup Strata, and Capital One Venture X.