American Express Company (AXP) reported an increase in profit for the third quarter that also topped Wall Street estimates. Consolidated total revenues net of interest expense rose 25 percent year-on-year, primarily reflecting growth in Card Member spending, as well as a rise in the average discount rate resulting from the change in the mix of spending driven by increased levels of travel and entertainment spending, compared to the prior year. Looking forward, the company said it remains confident in its ability to be within the high end of the range of the earnings per share expectations it had for 2020 in 2022.
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