American Express Profit Rises as Cardholder Spending Jumps

Dow Jones04-19

American Express reported an increase in first-quarter profit and revenue from a year ago on Friday as overall spending by AmEx cardmembers, who tend to be more affluent, rose.

The stock was rising 1.61% in premarket trading.

The New York-based credit card giant reported first-quarter net income of $2.4 billion, or $3.33 a share, up from year-ago net income of $1.8 billion or $2.40 a share. Revenue jumped to $15.8 billion from $14.3 billion in the first quarter of 2023.

Overall cardholder spending, a closely watched metric, rose 7% from a year prior on a foreign-exchange-adjusted basis.

Analysts surveyed by FactSet had expected AmEx to report first-quarter net income of $2.1 billion, amounting to earnings of $2.95 a share, from revenue of $15.8 billion.

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Success88
04-19
Success88
Good meaning $Visa(V)$ & $MasterCard(MA)$ will be 🎉

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