How did AXP's Q1 2024 earnings surprise the market?

American Express's (AXP) Q1 2024 earnings exceeded market expectations with an EPS surprise of $0.38, reflecting robust consumer spending and strong business momentum. |code|Ticker|Name|Date|Revenue Surprise|EPS Surprise|market_code| |---|---|---|---|---|---|---| |AXP|AXP.N|American Express|2023 Q2|-4.26E8|0.08|169| |AXP|AXP.N|American Express|2023 Q3|2.1E7|0.36|169| |AXP|AXP.N|American Express|2023 Q4|-2.01E8|-0.02|169| |AXP|AXP.N|American Express|2024 Q1|1.1E7|0.38|169| This positive performance was underscored by several key factors: 1. **Strong Consumer Spending**: The company benefited from robust consumer spending, which propelled its financial results higher in the fourth quarter of 2023. This trend continued into Q1 2024, further bolstering AXP's earnings. 2. **Premium Product Demand**: Demand for American Express's premium-branded cards remained strong, according to CEO Stephen Squeri. This segment typically contributes significantly to the company's revenue and profitability. 3. **Strategic Growth Initiatives**: American Express has been executing strategic initiatives aimed at driving growth. For example, the company acquired 2.9 million new cards during the quarter, indicating continued expansion in its core business. Overall, American Express's Q1 2024 earnings demonstrate the company's ability to capitalize on favorable market conditions and deliver solid financial performance.