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American Express has exceeded expectations for first-quarter profit, driven by robust spending from affluent consumers. Despite softer growth in U.S. small business customers, the company maintains a positive outlook for future spending trends.
U.S. consumer spending rose by 8% compared to the previous year, while international consumer spending saw a notable increase of 14%. However, spending by U.S. small and medium enterprises (SMEs) experienced more modest growth, up by 1%.
CEO Stephen Squeri emphasizes refocusing efforts on U.S. small business customers as a future growth opportunity. The company aims to capitalize on potential stronger spending from SMEs in the coming periods.
Analysts praise American Express’s focus on high-income clientele and SMEs, which has shielded the company from economic turbulence. They also view the company’s strategic initiatives and commitment to enhancing its value proposition positively.
American Express maintains its revenue growth expectations of 9% to 11% and reaffirms a profit forecast of $12.65 to $13.15 a share for the fiscal year 2024. The company’s first-quarter profit jumps 31%, reaching $2.44 billion, or $3.33 a share, surpassing analysts’ average expectations.
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