American Express Co. reported first-quarter earnings that surpassed Wall Street expectations, with earnings per share reaching $3.64, a 9% increase year-over-year, against an estimated $3.48. Revenue for the quarter was $16.97 billion, slightly above the anticipated $16.96 billion. The company maintained its full-year guidance, projecting revenue growth of 8% to 10% and earnings per share between $15 and $15.50, subject to the macroeconomic environment. The firm's billed business grew by 6% to $387.4 billion, though it fell short of the expected $389.9 billion. American Express set aside $1.2 billion for credit losses, an 8% decrease from the previous year, which was lower than the forecasted $1.4 billion, indicating a robust credit quality with a charge-off rate of 2.4% and a 30-days past due rate of 1.3%. CEO Steve Squeri noted that spending levels in the first weeks of April remained consistent with the first quarter, with millennial spend up 14%, restaurant spend up 8%, and airline spend up 3%, suggesting resilience among its customer base despite market volatility. Blackstone Inc. also reported strong first-quarter results, with distributable earnings per share of $1.09, beating the consensus estimate of $1.05. Revenue reached $2.76 billion, an 8% increase from the previous year. The firm saw significant capital inflows of $61.64 billion, the highest since 2022, contributing to a 10% rise in assets under management to $1.17 trillion. Blackstone's performance was driven by its private equity and credit segments, with the latter seeing about half of the inflows. Fee-related earnings per share were $1.03, and total segment revenue was $2.76 billion. Despite market turbulence due to U.S. tariffs, Blackstone's CEO Stephen Schwarzman expressed confidence in the firm's positioning to navigate the current environment. However, the company acknowledged potential impacts from tariffs, particularly in real estate, where construction costs might rise and new supply could decrease.