Shares of credit card company, American Express (NYSE: AXP) ticked lower in pre-market trading on Thursday after the company reported earnings of $2.40 per diluted share, a decline of 12% year-over-year and fell short of analysts’ expectations of $2.66 per share.
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AXP generated record Q1 revenues of $14.3 billion, an increase of 22% year-over-year, driven by strong card spending from its members and beating consensus estimates of $13.98 billion.
American Express reaffirmed its FY23 guidance and continues to expect its revenues to grow in the range of 15% to 17% while earnings are projected to be between $11.00 and $11.40 per share.
Analysts are cautiously optimistic about AXP stock with a Moderate Buy consensus rating based on seven Buys, six Holds, and two Sells.
