13:58 ET -- American Express Co. is one of the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The company reported better-than-expected third-quarter results, with earnings per share rising to $2.47 from $2.27 a year earlier and revenue net of interest expense up 24%, to $13.56 billion. American Express said "demand for travel has exceeded our expectations throughout the year." It reported favorable activity in card growth, including millennials and Gen Z customers, and said credit metrics "remained strong even as we steadily rebuild loan balances, with delinquencies and write-offs continuing to be low." Consolidated provisions for credit losses were $778 million, compared with a benefit of $191 million a year ago, which reflected a $387 million reserve build due to factors including loan growth and changes in macroeconomic forecasts. Shares were recently down 3.5%, to $137.40. Dow Jones & Co. owns Factiva. (josh.beckerman@wsj.com)

(END) Dow Jones Newswires

October 21, 2022 14:13 ET (18:13 GMT)

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