American Express (NYSE: AXP) announced Q3 results with revenues of $13.6 billion, up 24% year-over-year but falling short of analysts’ estimates by $20 million.
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The credit card company announced earnings of $2.47 per share. Analysts were expecting earnings of $2.4 per share.
However, provisions for credit losses stood at $778 million, versus a benefit of $191 million in the same period a year back.
Stephen J. Squeri commented, “We continued to see high levels of customer engagement, acquisitions and loyalty across our premium Card Member base, with overall spending up 21 percent (24 percent on an FX-adjusted basis), driven by growth in both Goods & Services and Travel & Entertainment spending.”
Squeri added that the demand for travel has exceeded the company’s expectations throughout the year, with “spending on T&E [travel and entertainment] increasing 57 percent from a year earlier and T&E spending volumes in our international markets surpassing pre-pandemic levels for the first time this quarter, both on an FX-adjusted basis.”