AmEx Stock Rises 7% as the Company Sticks to Long-Term Targets

Bloomberg01-26

American Express Co. reported fourth-quarter profit and revenue that fell short of analysts’ estimates, even as the credit-card giant said it’s sticking to its long-term revenue goal.The company is ...

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Some analysts have questioned whether AmEx can keep spending what’s needed to woo affluent customers and meet its long-term goals.American Express shares rise 7% in morning trading.“These strong results demonstrate the strength of our premium customer base and the tremendous earnings power of our business model,” Chief Executive Officer Steve Squeri said in the statement. “The growth that we’ve been generating has enabled us to continue making investments to drive revenues and significantly expand the scale of our business, while effectively managing our expenses.”Fourth-quarter revenue increased 11% from a year earlier to $15.8 billion, compared with estimates for $15.99 billion.Net income climbed 23% to $1.93 billion last quarter, or $2.62 a share — three cents less than the average estimate of analysts tracked by Bloomberg. Provisions for loan losses rose 40% to $1.44 billion.AmEx has been investing in its coveted Platinum card for years while sweetening perks on others to add legions of affluent consumers, business travelers and entrepreneurs. Such bets paid off handsomely after the pandemic as cardholders ventured out and ramped up spending, putting the firm ahead of its growth targets.But investors have more recently signaled concern about whether that can continue as household finances bolstered by federal aid and employers’ competition for labor started giving way to inflation.AmEx’s stock surged 27% last year. 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