Shares of American Express (NYSE:AXP) slid 1% in premarket trading Friday following the company’s latest earnings report for the fiscal Q1 2024.
The bank posted Q1 earnings per share (EPS) of $3.33, topping the consensus estimates of $2.95.
Revenue came in at $15.8 billion, slightly above the consensus forecast of $15.79 billion.
Card member spending increased by 7% on a foreign exchange-adjusted basis, the company said.
Looking ahead, American Express reaffirmed its full-year guidance.
Specifically, it continues to project an EPS in the range of $12.65 to $13.15, aligning closely with the average analyst estimate of $12.83.
Revenue growth is expected to be between 9% and 11% for the year.
“We have started 2024 off strong, with our first-quarter results reflecting the positive trends we have seen in our business the last several years,” said Stephen J. Squeri, Chairman and Chief Executive Officer of American Express.
“Our fee-based products accounted for around 70 percent of the new account acquisitions we saw in the quarter, and we continue to see strong demand from Millennial and Gen Z consumers, who accounted for over 60 percent of new consumer account acquisitions globally,” they added.