American Express aka AmEx NYSE: AXP karty płatnicze

[slayer74]

American Express (NYSE:AXP) shares fell more than 4% Friday after the company reported earnings for its latest quarter.

The bank posted earnings of $3.30 per share, $0.34 better than the analyst estimate of $2.96, while revenue for the quarter came in at $15.38 billion versus the consensus estimate of $15.37 billion.

“We reported another quarter of record revenues and earnings per share, which increased 13 percent and 34 percent, respectively, from a year earlier, reflecting the continued momentum we have built in our business over the last few years,” said Stephen Squeri, AXP's Chairman and CEO.

The company revealed that overall card member spending was strong and credit performance "remained best-in-class." Total card member spending rose 7% from a year earlier, with spending by the company's U.S. consumer card members up 9% and spending in its international card services segment up 15%.

Furthermore, AXP said travel and entertainment spending remained robust, increasing 13%.

Reacting to the report, analysts at Wolfe Research, who have a Peer Perform rating on the stock, said: "3Q23 GAAP EPS came in at $3.30 vs. our estimate/consensus of $2.87 / $2.95. Relative to consensus, the EPS beat was driven largely by a combination of stronger revenues and lower expenses, partially offset by higher provision expenses. AXP's pre-provision net revenues came in ~11% higher-than-expected at $4,333 vs. consensus of $3,920mn."

They added: "AXP reiterated its 2023 expectations for revenue growth of 15-17% and EPS of $11.00-11.40. AXP also reiterated its longer-term aspirations of revenue growth in excess of 10% and EPS growth in the mid-teens range for 2024 and beyond subject to a steady-state macro environment. Consensus is currently looking for revenue / EPS growth of 9% / 11% in 2024."