NEW YORK, Jan 25 — American Express Co exceeded market estimates for quarterly profit today as higher spending on travel and entertainment and the holiday season shopping rush drove up volumes at the credit-card issuer to record levels.
That has helped the credit-card giant recover from the pandemic slump, with spending on travel and entertainment more than doubling in the fourth quarter ended December 31. The company expects the momentum to continue in 2022, estimating annual net revenue to grow between 18 per cent and 20 per cent and earnings per share of US$9.25 to US$9.65 .In the fourth quarter, the company’s total revenue excluding interest expense rose 30 per cent to around US$12.15 billion.
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