American Express Co.’s second-quarter revenue rose less than analysts expected as spending growth on the firm’s cards slowed to its lowest level in more than two years.

Volume on Amex’s network increased 8% to $426.6 billion, missing the $441.6 billion average of analyst estimates compiled by Bloomberg. That was the lowest level since the first quarter of 2021, according to data compiled by Bloomberg.

Still, expenses for the period rose less than expected, boosting profit to a record $2.17 billion, or $2.89 per share. That topped analyst expectations. Revenue for the period rose 12% to $15.1 billion, missing expectations.

The company said it still expects full-year profit to jump to a range between $11 and $11.40, while revenue should climb 15% to 17%.

Amex is facing tough comparisons to a year ago, when consumers freed from pandemic-era restrictions flocked to international and domestic travel destinations. Still, the company said spending on travel and entertainment climbed 14% in the period, while bookings through the firm’s consumer travel business reached their highest level since before the pandemic.

“We saw continued strong demand for our premium products,” Chief Executive Officer Steve Squeri said in a statement Friday. “We remain committed to running the company with a focus on achieving our longer-term growth aspirations in a steady-state environment.”