American Express Q1 revenue at $11.73B, up by 29%
The American Express Company (Amex) revealed on Friday that its revenue in the first quarter of the year observed an annual rise of 29% to reach $11.73 billion, beating expectations. On the other hand, its net income went down by 6% on an annual level to $2.1 billion. The company's diluted earnings per share (EPS) remained virtually the same in comparison to the same trimester the year before, going from $2.74 to $2.73 per share.
"Our strong first-quarter results demonstrated the continued business momentum we’ve achieved over the last several quarters despite the uncertain macro environment," Amex Chairman and Chief Executive Officer (CEO) Stephen J. Squeri commented. "This performance was enabled by our ongoing investments in areas critical to sustainable, long-term growth, including customer acquisition, engagement and retention."
The company's stocks increased by 1.22% in premarket trading after the release of the report.