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American Express profits jump 34%, helped by jump in new customers, higher spending | News, Sports, Jobs

NEW YORK — Credit card giant American Express posted a 34% jump in its first quarter profits on Friday, helped by more customers spending on its namesake card

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Amex Revenue Jumps as Consumers Flock to Pricey Premium Cards

Amex Revenue Jumps as Consumers Flock to Pricey Premium Cards
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American Express profits jump 34%, helped by jump in new customers, higher spending

Credit card giant American Express posted a 34% jump in its first quarter profits on Friday, helped by more customers spending on its namesake cards as well as more customers keeping a balance on the cards. The jump in profits for AmEx came largely from higher cardmember spending on their accounts as well as more balances collecting interest. AmEx takes a small percentage of each transaction spent on their cards as a fee from merchants, which was its primary business model for decades.

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American Express Profits Jump 34%, Helped by Jump in New Customers, Higher Spending

American Express Profits Jump 34%, Helped by Jump in New Customers, Higher Spending
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American Express (AXP) Q1 2024 Earnings Call Transcript

AXP earnings call for the period ending March 31, 2024.

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American Express Q1 Results: Profits jump 34%, helped by jump in new customers, higher spending

American Express's Q1 profits soared by 34%, fueled by increased cardmember spending and interest income growth. The company's revenue sources expanded, with a focus on attracting high-quality customers despite payment challenges.

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60% of New Amex Accounts Are Opened by Gen Z, Millennials

60% of New Amex Accounts Are Opened by Gen Z, Millennials
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American Express (AXP) Q1 2024 Earnings Call Transcript

AXP earnings call for the period ending March 31, 2024.

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Is American Express Stock a Buy?

This top Buffett holding should be on your radar.

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Is American Express Stock a Buy? | The Motley Fool

This top Buffett holding should be on your radar.

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