Company boom over biz surge

Spending at restaurants, shops and entertainment venues has come back in force as vaccines become more common and it fueled a revenue surge at American Express during the second quarter. That momentum picked up as the quarter progressed, the company said Friday, particularly spending from younger customers.

“We saw card member spending accelerate from the prior quarter and exceed prepandemic levels in June, with the largest portion of this spending growth coming from Millennial, Gen Z, and small business customers,“Chairman and CEO Stephen Squeri said in a prepared statement.

Revenue, net of interest expense, jumped to $10.24 billion from $7.68 billion last year, stronger than the $9.47 billion that Wall Street was looking for, according to a survey by Zacks Investment Research.