American Express Backs FY23 Outlook - Update

(RTTNews) - American Express Co. (AXP), while reporting weak first quarter earnings, below market, reiterated its fiscal 2023 outlook.

For the full year, the payments company continues to expect earnings per share of $11.00 to $11.40 and revenue growth of 15 percent to 17 percent.

Analysts on average expect the company to earn $11.1 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In the first quarter, the company's earnings came in at $1.82 billion, or $2.40 per share, down from $2.10 billion, or $2.73 per share last year.

Analysts expected the company to earn $2.65 per share for the quarter.

The company's revenue for the quarter rose 21.6% to $14.28 billion from $11.74 billion last year.

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