"American Express Surpasses Profit Estimates with Surge in Premium Card Spending"
American Express exceeded profit expectations in the first quarter, driven by increased spending from its affluent customer base, particularly Gen Z and millennial customers. The company reported a profit of $3.33 a share, surpassing analysts' average expectation of $2.96 a share. Despite concerns over the financial well-being of lower-income consumers impacting other lenders, AmEx's clientele shielded the company from significant impact. The company maintained revenue growth expectations of 9% to 11% for the full year.