Finance
AmEx Climbs Most in a Year as Profit Forecast Tops Estimates
- Report eases concern about credit-card giant’s revenue growth
- Fourth-quarter profit takes hit from Argentina’s devaluation
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American Express Co. surged the most in a year after the credit-card giant forecast earnings for 2024 that topped analysts’ estimates and said it would stick to its long-term profit and revenue goals.
Shares of the company jumped as much as 7.3% after the report, which included a revenue increase of 14% in 2023 and a net income gain of 11%. While fourth-quarter results fell short of analysts’ expectations, the company said Argentina’s currency devaluation was partly to blame.