Core Viewpoint - American Express (AXP.US) reported stronger-than-expected second-quarter results, driven by robust consumer spending among affluent customers, with total billing reaching a record $416.3 billion, surpassing market expectations of $412.8 billion, and showing a year-over-year growth of 7% [1] Group 1: Financial Performance - The company's net revenue, excluding interest expenses, grew significantly by 9.3% year-over-year to $17.9 billion, marking the strongest second-quarter revenue in its history [1] - The CEO highlighted that the company recorded the highest quarterly spending by cardholders, indicating continued strong demand for high-end products [1] Group 2: Market Position and Competition - Despite a challenging environment due to tariffs and concerns over consumer confidence, American Express's stock price has increased by 6.3% year-to-date, although it underperformed compared to the S&P 500 Financial Index, which rose by approximately 8.6% [2] - The high-end credit card market is becoming increasingly competitive, with competitors like JPMorgan and Citigroup enhancing their offerings, prompting American Express to plan upgrades to its popular Platinum card later this year [2] Group 3: Credit Loss Reserves - The company reported credit loss reserves of approximately $1.4 billion, up from $1.3 billion a year earlier, but slightly below analyst expectations of $1.46 billion, attributed to increased net reserves and rising net write-offs amid expanding loan and receivables [3] Group 4: Future Outlook - American Express reaffirmed its full-year revenue growth guidance of 8% to 10% and earnings per share forecast of $15 to $15.5 [2]