U.S. financial services giant American Express recently released its earnings report, showing that benefiting from growth in spending by premium cardholders, the company’s operating revenue and net profit both increased year over year in the second quarter of this year.

　　Earnings data indicate that American Express’s total revenue in the second quarter was $19.64 billion, up 10% year over year; net profit rose to $3.11 billion, equivalent to earnings per share of $4.53, higher than the $2.89 billion and $4.08 per share in the same period last year. Supported by the favorable data, the company has raised its full-year revenue growth outlook to 10%.

　　On the specific business front, in the second quarter, American Express cardholder spending increased 9% year over year, reaching the highest growth rate in three years. Spending on dining grew 10% year over year, while tourism bookings saw a significant jump of 22%. In addition, an increase in credit card balances drove net interest income and card fees to grow in tandem. In recent years, the company has continued to expand its base of high-income and high-quality credit customers. Its flagship premium Platinum card lineup, centered on benefits such as airport lounge access and luxury hotel privileges, has become the fastest-growing segment in its U.S. retail business.

　　American Express Chief Financial Officer Christophe Le Caillec said that the company’s ongoing strategy of optimizing its focus on premium products has continued to improve credit performance, and this improvement in results is in line with management’s established expectations. To further expand its premium consumer ecosystem, American Express proposed in the second quarter the acquisition of Europe’s restaurant reservation platform TheFork, and plans to continue increasing investment in a member-card ecosystem that includes annual fees and benefits.

　　Although the main financial indicators continued to grow, the company’s stock price pulled back in early trading on Friday because second-quarter revenue was slightly below the market’s prior expectation of $19.7 billion, and the company did not meaningfully raise its full-year performance guidance. Market analysts believe that investors’ sentiment may rebound in the short term due to the lack of further acceleration in revenue growth, but the company’s fundamentals overall remain solid.