American Express 1Q Profit Rises On Higher Cardholder Spend
By Ben Glickman
American Express posted higher profit in the first quarter as the company's cardholders continued to spend.
The New York-based credit card company on Friday reported a profit of $2.44 billion, or $3.33 a share, in the quarter ended March 31, compared with $1.82 billion, or $2.40 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.95.
Revenue rose 11% to $15.80 billion, compared with the $15.79 billion expected by analysts polled by FactSet.
American Express said higher net interest income and higher member spending helped boost revenue during the quarter.
Chief Executive Stephen Squeri said overall card member spending was up 7% after adjusting for foreign currency exchange. U.S. cardholder spending was up 8%, and international card services spending was up 13% after foreign-currency adjustments.
Squeri said the company had continued to see strong demand from younger Millenial and Gen Z consumers as new card acquisitions accelerated in the quarter.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
April 19, 2024 07:21 ET (11:21 GMT)
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