HomeFinancial MarketsAmerican Express CEO on Recession: "I Don't See It In My Numbers...

American Express CEO on Recession: “I Don’t See It In My Numbers At All”

As you might have heard by now, the U.S. economy has been trending towards recession for several months. However, this prediction isn’t unanimous. For example, American Express CEO Stephen Squeri believes the situation isn’t as bad as it seems.

American Express recently shared a positive second-quarter report that shows the company recording a 31% increase in sale numbers compared to 2021 while also beating the Wall Street estimates with room to spare. This included $13.4 billion in net sales compared to $12.51 billion expected and $2.57 diluted earnings per share vs. $2.39 estimated.

Speaking with Yahoo Finance, Squeri said that these numbers are making it hard for him to recognize that a recession is coming.

“We’re acquiring spending, and we see future travel bookings [strong] so I don’t see it in my numbers at all,” Squeri said. ” … It’s really hard for me to get my head around that in quarter three or quarter four we’re going to have a big slowdown.”

After the company disclosed its Q2 numbers, the Amex stock jumped 6% on Friday morning after closing at $150.21 per share on Thursday. However, the surge proved to be short-lived as the shares dropped to $153.01 by the end of the day.

Stocks Continue Slide as Israel-Iran Tension Ensues

Stocks on the New York Stock Exchange continued their drop-off on Friday as investor anxiety rose following Israel's retaliatory strike against Iran. Market composure...

United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2

Following a strong first-quarter earnings report, United Airlines saw its stock jump 14% on Wednesday. Investors were also intrigued by the company’s optimistic projections...

iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller

2024 is shaping up to be a challenging year for tech giant Apple. The company saw its iPhone shipments drop by almost 10% in...