American Express Q1 results: Cramer says it was a remarkable quarter

0

American Express Q1 results: Cramer says it was a remarkable quarter

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >

By:

Wajeeh Khan

on
Apr 22, 2022

American Express Co reported market-beating results for its fiscal Q1.

Jim Cramer discussed AMEX earnings on CNBC’s “Squawk on the Street”.

Shares of American Express are still down roughly 2.0% on Friday.

American Express Company (NYSE: AXP) on Friday reported better-than-expected results for its fiscal first quarter. Shares still slid roughly 2.0% this morning.

Key takeaways from AMEX Q1 results

Net income printed at $2.10 billion versus the year-ago figure of $2.24 billion.Per-share earnings stood at $2.73, a marginal decline from last year’s $2.74.Revenue net of interest expense was up 29% YoY to $11.74 billion.FactSet consensus was for $2.40 of EPS on $11.62 billion in revenue.Card member spending increased 35% globally; 121% on travel and entertainment.

Total network volumes grew 30%, hitting an all-time high in March. Other notable figures in the earnings press release include consolidated expenses up 34% and $33 million of provisions for credit losses versus $675 million a year-ago.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Jim Cramer reacts to the AMEX Q1 results

For the full financial year, American Express forecasts its per-share earnings to fall between $9.25 and $9.65 on 18% to 20% increase in revenue. Commenting on the price action on Friday, CNBC’s Jim Cramer said on “Squawk on the Street”:

Millennials and Gen X love the cards. I thought it was a remarkable quarter. One of the best. Retention is incredible. Number of bad loans incredibly small. Billings are way up. So, people are just too negative and they don’t even bother reading the earnings report.

AMEX is set to host its annual meeting of shareholders on May 3rd. The stock is up nearly 10% for the year.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,
eToro

10/10

68% of retail CFD accounts lose money

Visit site

Finance & Banking


Industries


North America


Services


Stocks & Shares


USA


World

Generated by Feedzy