On Friday, American Express said its Q3 profit had modestly improved as spending on goods, services, and travel kept up despite fears of a potential economic slowdown later in the year.

The company now expects to report full-year profit above its prior forecast of USD 9.25 to USD 9.65 per share. Travel and entertainment spending volumes in international markets surpassed pre-pandemic levels for the first time this quarter.

AmEx’s revenue increased 24 per cent to USD 13.6 billion in Q3, helped by a 21 per cent rise in card member spending on the back of a rebound in cross-border travel as people shrugged off rising airfare to throng airports after a long hiatus due to the pandemic. The company added 3.3 million new proprietary cards.

AmEx’s expenses surged 19 per cent as it spent heavily on customer engagement and compensation. Last month, the company was looking to hire around 1,500 people for technology roles, even as other US financial companies have slashed headcounts in recent months.

Net income rose 3 per cent to USD 1.88 billion or USD 2.47 a share in the three months ended September 30, compared to USD 1.83 billion, or USD 2.27 a share, a year earlier. Shares of the company were down 3.5 per cent at USD 137.50 in premarket trading.