Investing.com — Shares of American Express (NYSE:AXP) surged over 7% on Friday, reaching an all-time high. This rise came after the credit card company surpassed full-year profit expectations, even though it fell short of its Q4 EPS and revenue projections.
Bolstering investor confidence, American Express provided an optimistic profit outlook for 2024, underpinned by expectations that its affluent customer base will maintain spending levels despite higher interest rates.
For the upcoming year, the credit card giant anticipates annual EPS to be between $12.65 and $13.15, exceeding the consensus estimates of $12.40.
In its Q4 earnings report, American Express disclosed an EPS of $2.62, slightly below the analyst prediction of $2.64. The company's revenue for the quarter was reported at $15.8 billion, compared to the anticipated $16B.
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