American Express profits jump 34%, helped by jump in new customers, higher spending
NEW YORK (AP) — Credit card giant American Express posted a 34% jump in its first quarter profits on Friday, helped by more customers spending on its namesake cards as well as more customers keeping a balance on the cards.
The New York-based company said it earned $2.44 billion in the first three months of the year, or $3.33 a share, up from $1.82 billion, or $2.40 a share, a year earlier. The results exceeded Wall Street’s expectations, who were looking for roughly $2.95 a share in profits for the quarter.
The jump in profits for AmEx came largely from higher cardmember spending on their accounts as well as more balances collecting interest. The company had $15.8 billion in revenue in the quarter, up 11% from a year earlier.
AmEx customers spent $419.2 billion on their cards in the quarter, up 5% from a year earlier. AmEx takes a small percentage of each transaction spent on their cards as a fee from merchants, which was its primary business model for decades.
Related articles
Usher, Victoria Monét will receive prestigious awards from music industry group ASCAP
LOS ANGELES (AP) — Usher will add another prestigious award to his already loaded trophy case.The Am2024-06-03Ben Whishaw lights up the Croisette as he joins his co
Ben Whishaw was all smiles at the world premiere of Limonov: The Ballad at the 77th annual Cannes Fi2024-06-03- Israel’s defense minister said Monday the military would expand its operations in the southern Gaza2024-06-03
Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
MANILA, Philippines (AP) — The Philippines blamed Chinese fishermen on Monday for a massive loss of2024-06-03US Energy Secretary calls for more nuclear power while celebrating $35 billion Georgia reactors
WAYNESBORO, Ga. (AP) — U.S. Energy Secretary Jennifer Granholm on Friday called for more nuclear rea2024-06-03Lynn Williams breaks NWSL goal
Lynn Williams scored her 79th league goal, becoming the National Women’s Soccer League all-time scor2024-06-03
atest comment