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.
Iris Law puts on a very leggy display as she steps out wearing tiny grey shorts in West Hollywood
CSX profit drops 10% despite railroad delivering 3% more freight in first quarter
South Carolina making progress to get more women in General Assembly and leadership roles
Security corridor shields Türkiye from terrorism: president
France asks retailers to alert customers to cases of 'shrinkflation'
Emma Roberts fans GUSH over her 'iconic' and 'magical' $3.6 MILLION 'grown
I went on a date and he paid for the meal but asked me to transfer him my half the next day
Bruno Tonioli, 68, reveals he needs Botox after feeling 'wrinkly' next to Britain's Got Talent co
Jeezy BACKTRACKS on request for full custody of daughter Monaco, two, amid Jeannie Mai divorce
Oil consumption back to 2019 levels
Caitlin Clark 'is set to sign eight
UN chief calls for reform of global financial architecture, particularly with regard to debt