American Express Posts Earnings Beat, Affirms 2024 Growth Projections [Video]

American Express (AXP) on Friday reported first-quarter revenue and profit that came in above analyst expectations, and affirmed full-year growth guidance for 2024.

American Express reported revenue of $15.8 billion, just above consensus analyst estimates compiled by Visible Alpha of $15.76 billion. Net income of $2.44 billion and diluted earnings per share (EPS) of $3.33 were well above estimates of $2.17 billion and $2.96 per share, respectively.

Unlike several of its peers in the finance industry that reported lower net interest income than expected in recent earnings reports, American Express posted $3.77 billion of profit in the metric, ahead of expectations of $3.66 billion.

“We continue to attract high-spending, high credit-quality customers to the franchise, with new card acquisitions accelerating sequentially to 3.4 million in the quarter,” American Express Chief Executive Officer (CEO) Stephen Squeri said. “Our fee-based products accounted for around 70 percent of the new account acquisitions …