American Express profits jump 34%, helped by jump in new customers

American Express posted a jump in revenue of 11% compared to the same period a year ago. The credit card company boasted that Gen Z and Millennial customers accounted for more than 60% of new account acquisitions globally in the quarter. CEO Stephen Squeri's comments to Yahoo Finance discuss American Express' first-quarter earnings.

Credit card giant American Express posts 34% jump in first quarter profits. More customers spending on its namesake cards as well as more customers keeping a balance on the cards. American Express profits jump 34%, helped by jump in new customers, higher spending. Credit card company's first quarter profit was $1.2 billion.

Credit card giant American Express posts 34% jump in first quarter profits. More customers spending on its namesake cards as well as more customers keeping a balance on the cards. American Express profits jump 34%, helped by jump in new customers, higher spending. Credit card company's first quarter profit was $1.2 billion.

Credit card giant American Express posted a 34% jump in its first quarter profits. The jump in profits came largely from higher cardmember spending on their accounts. AmEx takes a small percentage of each transaction spent on their cards as a fee from merchants, which was its primary business model for decades.

American Express's first-quarter profit vaulted past Wall Street estimates. Shares of the New York-based company rose about 2%, to $221.66 in premarket trading. The company reported a profit of $3.33 a share for the three months ended March.

American Express's first-quarter profit vaulted past Wall Street estimates on Friday. The credit card giant has been immune to changes in spending and downplayed worries of an economic slump for the last two years. “We continue to attract high-spending, high credit-quality customers to the franchise," CEO Stephen Squeri said.