American Express's Q1 profit exceeded estimates due to high-income clientele and increased spending, with revenue up 11% to $15.8B and EPS at $3.33.
American Express's first-quarter profit surpassed estimates, fueled by high-income clientele and increased spending. The credit card lender's affluent customers shielded it from a turbulent economic landscape and the company is focusing on expanding its appeal among small businesses. AmEx's revenue (net of interest expense) increased 11% year-on-year to $15.8 billion, while earnings per share (EPS) of $3.33 beat consensus estimates of $2.95. Card member spending or billed business grew 6% year-over-year to $367 million.
April 19, 2024
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