AmEx tops profit estimates as travel and entertainment spending doubles
Spending on goods and services, which is the biggest category for AmEx, rose 21%
By Shubhangi Mathur
Published - Apr 23, 2022, 02:39 AM ET
Last Updated - Feb 24, 2024, 04:40 AM EST
American Express Co (NYSE: AXP) topped first quarter profit estimates as customer spending doubled on entertainment and travel with the ease in Covid-19 related restrictions.
Travel and entertainment spending, which includes flights, hotels and restaurants, rose 121% from the previous year.
Spending on goods and services, which is the biggest category for AmEx, rose 21%.
Increased spending
