American Express Global Business Travel (Amex GBT) reported (10-Aug-2023) the following highlights for 2Q2023:
- Travel revenue increased 23% year-on-year, primarily due to growth in total transaction value driven by continued growth in business travel and an improvement in yield driven by supplier performance incentives and strong growth in international transactions;
- Product and professional services revenue increased 16%, primarily due to increased management fees and meetings and events revenue driven by strengthened demand;
- Operating expenses increased 17%, primarily driven by strong transaction growth that resulted in increased cost of revenue and technology and content costs, as well as increased sales and marketing expenses.
- Total transactions increased 12% and small and medium sized enterprise (SME) transactions increased 15%;
- Total new wins over the last 12 months totalled USD3.4 billion, including a record USD2.3 billion in SME new wins. [more - original PR]