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Amex targets over 10% revenue growth in 2024, sees November rebound

Published Dec 05, 2023 20:00
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NEW YORK - American Express (NYSE:AXP) is setting an ambitious goal for the coming year, with aspirations to exceed 10% revenue growth in 2024 and beyond, as conveyed by CEO Stephen Squeri at a Goldman Sachs conference Tuesday. The payment giant has observed a bounce back in billing trends during November after a slight dip in October, following a robust third quarter.

Squeri highlighted the resilience of U.S. consumers, particularly during the post-Thanksgiving shopping period through Cyber Monday, which demonstrated strong retail activity. This consumer vigor was also mirrored in the travel and entertainment sectors, both of which have experienced a resurgence, indicating a broader economic recovery.

Despite facing economic headwinds, American Express remains confident in its competitive position and ability to achieve mid-teens earnings per share (EPS) growth. This optimism comes even as the company's stock experienced a near 2% drop on the day of the announcement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Amex targets over 10% revenue growth in 2024, sees November rebound
 

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