AmEx had revenue of $14.28 billion, a significant increase from $11.74 billion in the same period of the last year. Also, the spending by cardholders came to $426.6 billion, representing an 8% increase.

On a less-positive note, the company’s earnings of $2.40 a share were below analysts’ estimation of $2.66 earnings per share. The company remained conservative in its 2023 forecast, reiterating 15% to 17% growth and $11 to $11.40 earnings per share. On top of that, AmEx raised its provisions for credit losses to $1.2 billion compared to $410 million in 2022.

The company’s shares traded at $178.90 in after-hours market on Thursday before plunging as low as $168.03 on Friday morning. AmEx stock is still 15.71% up year-to-date.

“Our customers have been resilient thus far in the face of slower macroeconomic growth, elevated inflation, and higher interest rates, with credit performance remaining best-in-class,” AmEx CEO Stephen J. Squeri said in the release. “That said, we’re mindful of the mixed signals in the external environment.”

The post AmEx Shares Dip Despite Record Quarterly Revenue appeared first on theprimarymarket.com.

The company’s earnings per share (EPS) for Q1 were $2.40; a 12% year-on-year decline that fell short of analysts’ $2.65 estimate. Squeri maintained that while AmEx may have not met Wall Street’s expectations, the company did well to reach its own targets.

“So the $2.40 is a good number — the $2.40 beat our plan,” Squeri claimed. He also expressed his belief that AmEx will perform well in the spring and summer despite economic uncertainty, stating, “The economy is definitely bifurcated, and I think at the lower end of the economy you are seeing some stress but we just don’t have that.”

AmEx’s first quarter sales hit $14.3 billion; a 22% year-over-year increase. Its U.S. consumer services segment grew 25% while its commercial business rose 15%. International sales increased by 22%.

The post American Express CEO Rebukes Criticism of Company’s Quarterly Results appeared first on theprimarymarket.com.

AmEx reported revenue of $14.3 billion, which represents a 22% year-over-year increase and beats Wall Street estimates of $14.03 billion. But the company’s profit took a significant hit, seeing a 13% slide in Q1 and coming to $1.8 billion. The diluted earnings per share of $2.40 ended up missing the $2.65 mark expected by Wall Street.

“So the $2.40 is a good number — the $2.40 beat our plan,” Squeri told Yahoo Finance. “… So there really isn’t anything in the quarter for us that went really unexpected other than the mark to market, but that was offset by a one-time tax gain.”

The company expects a profit between $11 to $11.40 per share in 2023, which is in line with the $11.10 estimated by analysts.

After American Express earnings became public, the company’s stock dropped by 3% compared to Wednesday’s close price of $164.95 per share. AmEx shares have jumped more than 12% in 2023.

The post AmEx CEO Pleased With Company’s Q1 Results Despite Failing to Meet Expectations appeared first on theprimarymarket.com.

AmEx had revenue of $14.28 billion, a significant increase from $11.74 billion in the same period of the last year. Also, the spending by cardholders came to $426.6 billion, representing an 8% increase.

On a less-positive note, the company’s earnings of $2.40 a share were below analysts’ estimation of $2.66 earnings per share. The company remained conservative in its 2023 forecast, reiterating 15% to 17% growth and $11 to $11.40 earnings per share. On top of that, AmEx raised its provisions for credit losses to $1.2 billion compared to $410 million in 2022.

The company’s shares traded at $178.90 in after-hours market on Thursday before plunging as low as $168.03 on Friday morning. AmEx stock is still 15.71% up year-to-date.

“Our customers have been resilient thus far in the face of slower macroeconomic growth, elevated inflation, and higher interest rates, with credit performance remaining best-in-class,” AmEx CEO Stephen J. Squeri said in the release. “That said, we’re mindful of the mixed signals in the external environment.”

The post AmEx Shares Dip Despite Record Quarterly Revenue appeared first on theprimarymarket.com.

The company’s earnings per share (EPS) for Q1 were $2.40; a 12% year-on-year decline that fell short of analysts’ $2.65 estimate. Squeri maintained that while AmEx may have not met Wall Street’s expectations, the company did well to reach its own targets.

“So the $2.40 is a good number — the $2.40 beat our plan,” Squeri claimed. He also expressed his belief that AmEx will perform well in the spring and summer despite economic uncertainty, stating, “The economy is definitely bifurcated, and I think at the lower end of the economy you are seeing some stress but we just don’t have that.”

AmEx’s first quarter sales hit $14.3 billion; a 22% year-over-year increase. Its U.S. consumer services segment grew 25% while its commercial business rose 15%. International sales increased by 22%.

The post American Express CEO Rebukes Criticism of Company’s Quarterly Results appeared first on theprimarymarket.com.

AmEx reported revenue of $14.3 billion, which represents a 22% year-over-year increase and beats Wall Street estimates of $14.03 billion. But the company’s profit took a significant hit, seeing a 13% slide in Q1 and coming to $1.8 billion. The diluted earnings per share of $2.40 ended up missing the $2.65 mark expected by Wall Street.

“So the $2.40 is a good number — the $2.40 beat our plan,” Squeri told Yahoo Finance. “… So there really isn’t anything in the quarter for us that went really unexpected other than the mark to market, but that was offset by a one-time tax gain.”

The company expects a profit between $11 to $11.40 per share in 2023, which is in line with the $11.10 estimated by analysts.

After American Express earnings became public, the company’s stock dropped by 3% compared to Wednesday’s close price of $164.95 per share. AmEx shares have jumped more than 12% in 2023.

The post AmEx CEO Pleased With Company’s Q1 Results Despite Failing to Meet Expectations appeared first on theprimarymarket.com.