American Express revenue in 2023 set a record – Kommersant
[ad_1]
American financial company American Express published fourth quarter and full year 2023 results. The annual results were record-breaking: revenue grew by 14% to $60.5 billion, net profit grew by 11% to $8.4 billion.
According to American Express CEO Steven Squeri, demand for the company’s products remained strong. During the year, American Express issued 12.2 million new cards to customers, and the total number of valid company cards used worldwide exceeded 140 million.
Fourth quarter results were below analysts’ forecasts. Revenue grew by 11%, to $15.8 billion, while $15.99 billion was forecast. As American Express explained, the reason was the devaluation of the Argentine currency, due to which the company lost about $100 million. Meanwhile, the company plans to increase quarterly dividends by 17%, to $0.7 per share.
In addition, American Express management expects revenue to grow 9% to 11% in 2024 and exceed 10% annually thereafter. The company projects earnings per share in 2024 will rise to $12.65 to $13.15. This was higher than analysts’ expectations, and American Express shares reacted positively to the earnings and guidance. At auction in New York they gain 7.58%.
[ad_2]
Source link
