American Express Co (AXP) announced its impressive third-quarter financial results, with revenue (net of interest expense) growing by 12% year-on-year to $15.38 billion, surpassing the consensus estimate of $15.36 billion. The company also reported earnings per share (EPS) of $3.30, exceeding the consensus estimate of $2.94.

The growth in revenue was driven by a 7% increase in FX-adjusted Card Member spending, fueled by double-digit growth in both U.S. Consumer and International Card Member spending. The Total Network Volumes also rose by 7% year-on-year, reaching $420.2 billion.

American Express witnessed robust revenue growth across its various segments. U.S. Consumer Services revenue reached $7.2 billion, marking a 16% increase compared to the same period last year. Commercial Services revenue saw a 7% growth, reaching $3.7 billion.

International Card Services revenue showed significant improvement, rising by 17% year-on-year to $2.6 billion. Similarly, Global Merchant and Network Services revenue witnessed growth, reaching $1.9 billion, an 11% increase compared to the previous year.

Total expenses for the company declined by 1% year-on-year, amounting to $859 million. This decrease was mainly attributed to lower customer engagement costs. Despite the decline in expenses, the provision for credit losses stood at $1.23 billion, compared with $778 million in the same period last year. This increase was due to higher net write-offs, partially offset by a lower net reserve build of $321 million.

Chair and CEO of American Express, Stephen J. Squeri, expressed satisfaction with the company's performance. He stated, "Overall card member spending was strong, and credit performance remained best-in-class, reflecting its premium global customer base." Squeri also highlighted the continued strength in Travel and Entertainment spending, with restaurant spending being one of the fastest-growing categories. He praised the Resy restaurant platform for generating high user engagement.

Looking ahead, American Express reaffirmed its guidance for strong revenue growth of 15% - 17% and EPS between $11.00 and $11.40. The consensus estimate for revenue growth was $60.67 billion, while the EPS consensus stood at $11.1, reiterating the company's confidence in its growth potential.

With its robust quarterly performance and optimistic outlook, American Express continues to demonstrate its ability to thrive in the competitive financial services industry.