American Express Co. announced on Friday that its revenue for the third quarter of fiscal 2023 reached $15.4 billion, marking its sixth straight quarter of record revenues, climbing 13% year-on-year, and exceeding expectations. Net income soared 30% on a yearly basis to $2.5 billion, with diluted earnings per share (EPS) skyrocketing 34% to $3.30.
"The investments we have made in our value propositions are driving brand relevance across generations, with Millennial and Gen Z consumers remaining our fastest-growing consumer cohort," CEO Stephen Squeri said. He highlighted that these consumers' spending rose 18% annually. "Based on our performance to date, we remain confident in our ability to achieve revenue growth and EPS for the full year consistent with the annual guidance we provided at the start of the year," he added.
American Express shares were up by 0.82% in the premarket trading after the earnings release.
