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AmEx Sees Spending Soar as Travel Rises Despite Airline Woes

  • Volumes on firm’s network surge, topping analysts’ estimates
  • Customers’ use of travel benefits pushes expenses higher
American Express Credit Cards Ahead Of Earnings Figures
Photographer: Andrew Harrer/Bloomberg
Updated on

American Express Co. saw spending on its network soar as customers continued to take to the skies despite mass cancellations and long waits at airports, leading the firm to raise its forecast for full-year revenue.

Volumes on the firm’s network jumped to $394.8 billion, topping the $383.3 billion average of analyst estimates compiled by Bloomberg. That helped boost revenue 31% to a record $13.4 billion, though expenses climbed as well, partly the result of customers taking advantage of travel-related benefits.