Summary by Moomoo AI
American Express reported Q3 2024 net income of $2.51 billion ($3.49 per share), up 2% from $2.45 billion ($3.30 per share) last year. Revenue reached a record $16.6 billion, increasing 8% year-over-year, driven by higher net interest income, card member spending, and accelerated card fee growth.Total Card Member spending rose 6%, with card fee revenue up 18%. The company maintained strong credit performance with a net write-off rate of 1.9%, down from 2.1% in Q2. Operating expenses increased 9% to $12.1 billion, reflecting higher customer engagement costs and marketing investments.Based on strong performance, American Express raised its full-year 2024 EPS guidance to $13.75-$14.05, up from $13.30-$13.80 previously. The company expects full-year revenue growth of around 9%. Millennial and Gen-Z consumers remain the fastest-growing cohort, representing 80% of new U.S. Consumer Gold Card acquisitions.
