NEW YORK – American Express’ third-quarter profit topped analysts’ expectations as the credit card company’s cardholders continue to spend, with many holding a balance.

American Express earned $2.51 billion, or $3.49 per share, for the period ended Sept. 30. That compares with $2.45 billion, or $3.30 per share, a year earlier.

The performance beat the $3.27 per share that analysts surveyed by Zacks Investment Research were calling for.

Revenue totaled $16.64 billion, meeting Wall Street’s estimates.

The company once again benefited from its card members — who tend to be wealthier and less exposed to economic fluctuations — continuing to spend on their cards, despite some economic uncertainty and the effects of inflation.

Customers spent $387.3 billion on their cards last quarter, up 6% from the year before. Merchants pay a fee for each time they accept an American Express card. That fee ranges depending on industry and merchant size, but is typically 2% to 4%.

Further, American Express customers are keeping a balance on their cards. The company reported $134.5 billion in card member loans, up from 14% a year earlier.

That helped American Express earn interest income of $6.15 billion in the quarter, up 17% from the year before.

“The new benefits and capabilities we have added in popular categories like dining are fueling our growth with millennial and Gen Z consumers, who represent 80% of the new accounts acquired on the U.S. Consumer Gold Card, and remain our fastest growing consumer cohort overall in the U.S.,” Chairman and CEO Steve Squeri said in a statement.

American Express also raised its full-year earnings outlook on Friday. The company now foresees earnings in a range of $13.75 to $14.05 per share. Its prior forecast was for earnings between $13.30 and $13.80 per share. Analysts polled by FactSet predict full-year earnings of $13.24 per share.

Shares fell 2.5% before the market open on Friday.