American Express Company (NYSE:AXP, ETR:AEC1) shares fell pre-market after its third quarter revenue narrowly missed estimates, overshadowing a profit beat and raised full-year earnings guidance.
Revenue was a record $16.64 billion, up 8% from the year-ago quarter, but short of the $16.67 billion expected by Wall Street.
Adjusted earnings per share (EPS) were up 6% year-over-year from $3.30 to $3.49, topping estimates of $3.27.
Net income grew 2% to $2.51 billion, up from $2.45 billion in Q3 2023.
Amex raised its full-year EPS guidance to $13.75 to $14.05, from its earlier guidance of $13.30 to $13.80.
It continues to expect revenue growth of about 9% from the previous year.
“We had another strong quarter that reflects the earnings power of our business model and our continued investments for growth,” Amex chairman Stephen Squeri said in a statement.
“The strong early results we’re seeing from our product refreshes reinforce my confidence that we’re investing in the right areas to enhance our value propositions and meet the financial and lifestyle needs of our customers.”
Amex shares traded down 3.5% at $274 before Friday’s opening bell.