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published in Blogs
Apr 22, 2022
American Express (AXP, $185.68) beats Q1 earnings expectations

American Express (AXP, $185.68) beats Q1 earnings expectations

American Express reported first quarter earnings that came in higher than expected.

The company’s diluted earnings for the three months ending in March came in at $2.73, beating the Street consensus forecast of $2.44 per share. 

Revenues rose +29.5% to $11.74 billion, just ahead of analysts' forecasts of  $11.6 billion, as consumer credit spending hit a record in March even as the impact the American Rescue Act as well as child tax credits and enhanced unemployment benefits for U.S. customers subsided.

For the coming year, American Express reaffirmed its forecast for earnings in the range of $9.25 and $9.65 per share, and revenue growth of between 18% and 20%.

Related Tickers: AXP