Sales for the New York-based firm, net of interest expense, were $6.86 billion, up 13% from $6.1 billion a year ago. That beat analysts' forecast of $6.84 billion.
Though the results for the second quarter were upbeat, chief executive Kenneth Chenault warned that AmEx customers, like other Americans, are deleveraging their debt as they focus on buying only what they can afford.
"Today's cardmembers are borrowing less and paying down more of their outstanding debt," Chenault said in a prepared statement. "Over the last several quarters, this has translated into lower interest revenue."
Chenault said the company remains cautious about economic conditions, as well as Wall St. reform and difficult year-over-year comparisons in the second half of 2010.
In a conference call, chief financial officer Dan Henry also commented on changes in customer behavior and new legislation.
"It will be interesting to see how those customers react if [companies] have to put fees on debit products," Henry said. "There's a lot of scenarios out there, and we'll have to see how that plays out over time."
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