NEWS Desk Global
Apr 191 min
American Express (AXP.N) exceeded expectations for first-quarter profit, buoyed by robust spending from affluent consumers. Despite this positive performance, company executives emphasized the importance of reorienting their focus towards U.S. small business customers, where growth has been comparatively subdued recently.
In the first quarter, American Express observed an 8% increase in spending by U.S. consumers compared to the previous year. International consumer spending also saw a notable uptick, rising by 14%. However, spending by U.S. small and medium enterprises (SMEs) only experienced a modest 1% increase during the same period.