Amex GBT’s optimism stops at year-end as economic uncertainties cloud 2023
11/16/2022|7:44:19 PM|Skift

American Express Global Business Travel continues to benefit from the ongoing rebound of business trips. In particular the reopening of countries in Asia Pacific, barring China of course, bodes well for the world’s biggest travel agency.

In fact it’s the “highest recovered region,” primarily driven by the recovery in Australia and India, said CEO Paul Abbott during an earning’s call on Thursday.

It’s making forecasting difficult, with macroeconomic headwind “difficult to size right now” it said in a separate report Thursday.

“Obviously, we recognize that the macroeconomic outlook for 2023 has become more challenging over the last few months,” Abbott said. “And frankly, it’s very difficult with the level of uncertainty that exists to predict the exact impact that this may have on business travel demand in 2023.”

The newly publicly traded corporate travel agency reported a net loss of $73 million for its third quarter, covering the three months to September 30, 2022. That’s down on the $2 million loss in the previous quarter. However, revenue continues to grow and increased 147% to $488 million compared to the same period in 2021, and marginally up from the $486 million in the last quarter.

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