Revenue recovery for American Express Global Business Travel (GBT) in the fourth quarter of 2022 reached 75% of 2019 levels, up from 72% in the third quarter, according to CEO Paul Abbott.

Transaction recovery, according to Abbott, reached 72% of 2019 levels in the fourth quarter, which he said showed GBT “clearly outpacing the broader market.” He pointed to a Global Business Travel Association survey showing an industrywide recovery of domestic business travel at 67% and international at 54%.

The outlook for business travel in 2023 remains strong, said Abbott. He said expectations for the full year are for revenue growth of 17% to 20%, with 220% to 259% adjusted growth in EBITDA (earnings before interest, taxes, depreciation and amortization.)

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The company reported a net loss of $63 million for the quarter, compared with a $200 million loss in the fourth quarter of 2021. For the full year, the company’s loss was $229 million, compared with $475 million in 2021.

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