Credit card service company American Express (AXP) has delivered better-than-expected first-quarter results on the back of increased spending by cardholders. However, shares of the company declined 2.4% in Friday’s early trading session as the company's outlook for 2022 missed estimates. American Express has reported earnings of $2.73 per share, down one cent year-over-year, beating analysts' estimates of $2.48 per share. Additionally, net revenues came in at $11.74 billion, up 29% compared to the year-ago quarter, outpacing estimates of $10.64 billion. The robust revenue growth can be attributed to higher Card Member spending and an increase in network volume. Also, higher interest income supported the revenue growth.
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