LONDON (ShareCast) - (Sharecast News) - The share price of American Express jumped 5% on Friday after the payments giant topped analysts' estimates with its third-quarter results and upped its full-year outlook on the back of strong demand for its newly refreshed US Platinum Card.
Billed business over the three months to 30 September totalled $421bn, up 9% over the year before, leading to revenues of $18.43bn, up 11% year-on-year. That was comfortably ahead of the $18.05bn consensus forecast.

Card member spend growth accelerated to 8% on an FX-adjusted basis, from 7% in the second quarter. The top line was also helped by higher net interest income, driven by growth in revolving loan balances and continued strong card fee growth, the company said.

"The successful launch of our updated US Consumer and Business Platinum Cards reinforces our leadership in the premium space. The initial customer demand and engagement exceeded our expectations, with new US Platinum account acquisitions doubling compared to pre-refresh levels," said chair and chief executive Stephen Squeri.

Net income jumped 16% over last year to $2.90bn, leading to earnings per share up 19% at $4.14, some 14 cents ahead of the market forecast.

As a result of the strong performance, Amex narrowed and raised the mid-point of its full-year guidance ranges for revenue growth to 9-10% and EPS to $15.20-15.50, compared with previous targets of 8-10% and $15.00-15.50, respectively.

"Looking ahead, we are confident in our growth prospects as we continue to execute our proven product refresh strategy and enhance our powerful Membership Model to deliver value for our Card Members, merchant partners, and shareholders," Squeri said.

The stock was trading 4.8% higher at $338.76 by 1028 in New York.

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