AXP-AMERICAN EXPRESS CO
American Express Shares Drop Over 4% Despite Beating Earnings Expectations and Raising Guidance, Weighed Down by Revenue Shortfalls and Lowered Outlook
Sunday
20 October, 2024
American Express showcased impressive year-over-year growth in Q3, adding millions of new card users and achieving significant customer spending. Yet, a revenue miss and cautious guidance have left investors questioning the stock's valuation—could this be a pivotal moment for long-term strategies?
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Key Takeaways
- American Express reported a revenue shortfall in Q3, missing expectations by $30 million.
- The company anticipates slower growth in 2024, raising investor concerns.
- Increased credit loss provisions and write-offs indicate worsening credit conditions.
- Stock price decline reflects investor apprehension about potential overvaluation.
- Ongoing negative sentiment may lead to further decreases in share price.
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