(Bloomberg) -- American Express Co. surged the most in a year after the credit-card giant forecast earnings for 2024 that topped analysts’ estimates and said it would stick to its long-term profit and revenue goals.

Shares of the company jumped as much as 7.3% after the report, which included a revenue increase of 14% in 2023 and a net income gain of 11%. While fourth-quarter results fell short of analysts’ expectations, the company said Argentina’s currency devaluation was partly to blame. 

The currency impact was about $100 million, without which AmEx would have topped estimates, Chief Executive Officer Steve Squeri said in an interview.

“It shows you the strength of the business model that you can absorb a hit like that two weeks before the year-end and still come in with great results,” Squeri said. “It doesn’t change anything for 2024.”

Chief Financial Officer Christophe Le Caillec said Argentina made the move “overnight and brutally.”

The company is still aiming for annual revenue growth exceeding 10% — though it said it may rise 9% to 11% this year, according to a statement Friday. Some analysts had questioned whether AmEx could keep spending what’s needed to woo affluent customers and meet its long-term goals. The company expects per-share earnings to rise to at least $12.65 to $13.15 for the full-year.

The shares, which are up 29% in the past year, advanced 7.2% to $201.65 at 9:49 a.m. in New York.

AmEx has been investing in its coveted Platinum card for years while sweetening perks on others to add legions of affluent consumers, business travelers and entrepreneurs. Such bets paid off handsomely after the pandemic as cardholders ventured out and ramped up spending, putting the firm ahead of its growth targets.

But investors have more recently signaled concern about whether that can continue as household finances bolstered by federal aid and employers’ competition for labor started giving way to inflation.

Read More: AmEx’s Small-Business Gold Card Gets Refresh With More Benefits

Fourth-quarter revenue increased 11% from a year earlier to $15.8 billion, compared with estimates for $15.99 billion. The revenue growth was driven by higher net interest income and more card spending, AmEx said.

Net income climbed 23% to $1.93 billion last quarter, or $2.62 a share — three cents less than the average estimate of analysts tracked by Bloomberg. 

Provisions for loan losses rose 40% to $1.44 billion in the quarter. The increase reflected higher net write-offs that were partly offset by a lower net reserve build of $400 million, down from $492 million a year earlier.

Consolidated expenses climbed 5% to $11.9 billion. Higher compensation costs contributed to the increase, in addition to the devaluation of the Argentine peso. 

(Updates with CEO’s comments in third and fourth paragraphs.)

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