American Express Reports Strong Q1 Earnings, Driven by Consumer Spending and New Account Growth
Despite challenges in the small business segment, American Express sees a 34% increase in profits and solid revenue growth.
- American Express' first-quarter profits jumped 34% to $2.44 billion, with revenue rising 11% to $15.8 billion.
- Millennial and Gen Z consumers drive growth, representing over 60% of new card acquisitions.
- Small business segment lags, showing only a 1% increase in spending growth.
- Company maintains strong credit quality, with a modest rise in delinquency and charge-off rates.
- American Express reaffirms its full-year revenue growth projection of 9% to 11%.
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