Credit card company American Express (NYSE: AXP) Friday reported higher revenues and net income for the fourth quarter of 2023. The numbers, however, missed Wall Street’s projections.
Total revenues, net of interest expense, increased 11% year-over-year to $15.8 billion in the December quarter. The increase was primarily driven by higher net interest income and increased Card Member spending.
Benefitting from the strong revenue growth, net income advanced to $1.93 billion or $2.62 per share in Q4 from $1.57 billion or $2.07 per share in the corresponding period of 2022. The latest earnings and revenue numbers missed estimates.