Third-quarter global corporate travel sales at American Express dropped 9% from a year earlier, to $4.4 billion.
Those sales were down for the third consecutive quarter and ran counter to an 8% increase in Amex's U.S. consumer travel spending.
"We are seeing lower T&E spending compared to other categories, pretty broadly," said CFO Dan Henry during a Wednesday conference call with analysts. "We see large corporations in particular being a little bit conservative here."
Amex also reported moderating growth in cardholder spending, which increased 8% in the United States and 6% globally. Overall, the company's third-quarter net income rose 1% to $1.25 billion, "driven by higher revenues and lower expenses." Source: Business Travel News