American Express increased its revenue forecast for 2022, dispelling fears of a recession, as robust client spending helped the company surpass Wall Street’s projections in the most recent quarter.
The credit card business now anticipates a revenue gain of between 23% and 25% this year, up from its previous forecast of 18% to 20%.
Comparing the second quarter of this year to the same period last year, the company’s total networked expenditures increased by 25%, or by 30% on a constant currency basis. This was due to the ongoing expansion of travel expenditures, which surpassed pre-pandemic levels early this year.
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