American Express on Friday beat Wall Street revenue expectations, as more consumers swiped its cards during the holiday season for travel and online shopping.

A strong holiday season against the backdrop of a falling rate environment helped AmEx sustain spending volumes.

AmEx, which mostly caters to wealthy consumers, has been able to better navigate economic uncertainty compared to some of its peers, as higher-earning individuals are less sensitive to inflation and elevated borrowing costs.

New York-based AmEx’s revenue rose 9% to $17.18 billion in the three months ended Dec. 31, edging past expectations of $17.16 billion, according to data compiled by LSEG.

Billed business, a measure of spending on AmEx cards, rose 8% to $408.4 billion in the fourth quarter.

On an adjusted basis, AmEx earned $3.04 per share, in line with Street expectations.

Source: MSN