The
“Our strong first-quarter results demonstrated the continued business momentum we’ve achieved over the last several quarters despite the uncertain macro environment,” AmEx CEO
Travel and entertainment companies have been saying for months that
AmEx said March spending on its cards was an all-time high for the company, while January was quieter reflecting the spread of the omicron variant that impacted much of the world at the beginning of the year.
“Travel and entertainment demand roared into March and has continued into April,” said AmEx Chief Financial Officer
Travel spending is still down from 2019 levels, but has mostly recovered from the pandemic, according to AmEx's results. The company said it expects T&E spending to accelerate in the second half of the year, as more countries open up travel and people return to pre-pandemic habits.
AmEx also reaffirmed its full-year profit guidance, saying it expects to post earnings of between
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