Hi, Shrewd!        Login  
Shrewd'm.com 
A merry & shrewd investing community
 Best Of BRK.A | Best Of | Favourites & Replies | All Boards | Post of the Week!
Search BRK.A
Shrewd'm.com Merry shrewd investors
Best Of BRK.A | Best Of | Favourites & Replies | All Boards | Post of the Week!
Search BRK.A

Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A) ❤
Unthreaded | Threaded | Whole Thread (4) |
Post New
Author: rnam ✧  😊 😞
Number: of 15059 
Subject: Amex excels in Q1
Date: 04/19/2024 11:57 AM
Post Reply | Report Post | Recommend It!
No. of Recommendations: 2
American Express posted higher profit in the first quarter as the company's cardholders continued to spend.

The New York-based credit card company on Friday reported a profit of $2.44 billion, or $3.33 a share, in the quarter ended March 31, compared with $1.82 billion, or $2.40 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.95. Revenue rose 11% to $15.80 billion…

Squeri said the company had continued to see strong demand from younger Millenial and Gen Z consumers as new card acquisitions accelerated in the quarter.

https://www.morningstar.com/news/dow-jones/2024041...
Print the post


Author: rnam ✧  😊 😞
Number: of 15059 
Subject: Re: Amex excels in Q1
Date: 04/19/2024 11:59 AM
Post Reply | Report Post | Recommend It!
No. of Recommendations: 2
More details from AP news:

But AmEx is now also bringing hefty amounts of interest income, earned on customers who keep a balance and revolve on their accounts now. The company earned $5.06 billion in interest income last quarter on loans to cardmembers, up 28% from a year earlier. Roughly a third of AmEx’s revenue now comes from interest income.

The company added 3.4 million new cardmembers in the quarter, with roughly 7 out of every 10 new customers picking up a credit card that has an annual fee attached to it. AmEx executives point to the higher use of fee-based products as a sign that its customers see the value in the card despite the fee.

https://apnews.com/article/american-express-credit...
Print the post


Author: Bluehorseshoe ⎊  😊 😞
Number: of 15059 
Subject: Re: Amex excels in Q1
Date: 04/19/2024 12:16 PM
Post Reply | Report Post | Recommend It!
No. of Recommendations: 2
The company added 3.4 million new cardmembers in the quarter…

I guess we helped because we added an Amex to our list of cards this year for the first time. My wife recently took a job with a small company requiring her to travel more and they are small enough that they do not have a corporate card partner. It just made sense with the additional travel for both her work and our personal travel.

Jeff
Print the post


Author: rnam ✧  😊 😞
Number: of 15059 
Subject: Re: Amex excels in Q1
Date: 04/19/2024 1:04 PM
Post Reply | Report Post | Recommend It!
No. of Recommendations: 2
What struck me was the demand from millennials and GenZ. There has been a lot of loose talk about GenZ using new fangled digital payment options and moving away from credit cards. Amex suffered last year and stock price was below $150. Now it is $225.

Amex, Chase et al have enticed new customers with reward cards. Some foolishly carry balances, adding even more to the coffers of the lenders.
Print the post


Post New
Unthreaded | Threaded | Whole Thread (4) |


Announcements
Berkshire Hathaway FAQ
Contact Shrewd'm
Contact the developer of these message boards.

Ticker or Board Name Author

Best Of BRK.A | Best Of | Favourites & Replies | All Boards | Followed Shrewds