American Express Company (NYSE: AXP) shares have advanced from $164.51 above $199 since the beginning of January 2022, and the current price stands around $180.54.
This Friday, American Express reported better than expected first-quarter results and announced that it expects 18 to 20 percent revenue growth for the 2022 fiscal year.
American Express added 3 million new proprietary cards in the first quarter
American Express is an American multinational financial services corporation that operates in credit card and traveler’s cheque businesses.
The company reported better than expected first-quarter results this Friday; total revenue has increased by 29.5% Y/Y to $11.73 billion, while the GAAP earnings per share were $2.73 (beats by $0.28).
First-quarter results reflect continued momentum in core business in areas, including customer acquisition, engagement, and retention, as well as outstanding credit performance.
New proprietary card acquisitions reached three million in the first quarter while customer retention remains at the very high levels.
Consumer platinum, gold, and business platinum cards reached all-time highs for the quarter, driven by strength in consumer travel.
Travel and entertainment spending rose 121% Y/Y and reached pre-pandemic levels for the first time in March.
Total revenue has increased above the expectations (+70 million) in the first quarter of 2022, and according to the company’s management, American Express will have revenue growth and margin expansion in the upcoming quarters. American Express CEO Steve Squeri, said:
First-quarter results are in line with our expectations for the full year, and we are reaffirming our full-year guidance of 18 to 20 percent revenue growth and earnings per share between $9.25 and $9.65 vs. the consensus of $9.73.
American Express continues to extend relationships with
