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American Express Gains 4% Following Q1 Beat
Apr 19, 2024 4:29 PM - Davit Kirakosyan
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American Express (NYSE:AXP) shares gained more than 4% intra-day today following the release of the company's fiscal Q1/24 earnings report. The financial services corporation reported Q1 earnings per share (EPS) of $3.33, surpassing the consensus estimate of $2.95. Revenue for the quarter was $15.8 billion, just above the forecast of $15.79 billion. The company noted a 7% increase in card member spending, adjusted for foreign exchange impacts.
Looking forward, American Express maintained its full-year guidance. The company expects an EPS ranging from $12.65 to $13.15, compared to the average analyst estimate of $12.83. Revenue growth for the year is anticipated to be between 9% and 11%.
Stephen J. Squeri, CEO of American Express, commented on the strong start to the year, highlighting the ongoing positive trends in the business. He noted that fee-based products comprised about 70% of new account acquisitions during the quarter. Additionally, strong engagement from younger demographics was evident, with Millennial and Gen Z consumers making up over 60% of new consumer account acquisitions globally.
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