Why did Avis's operating profit plummet in Q4 2024?

American Express' operating profit did not plummet in Q4 2024. In fact, the company's core operating expenses were higher than anticipated, primarily due to reduced variable engagement costs (VECs), as total cardmember costs (including marketing) rose 12% year-over-year to $8.25 billion, below the expected $8.5 billion. However, the company's revenue growth and net interest income (NII) beat expectations, with NII rising 16% year-over-year to $4.01 billion, surpassing the $3.92 billion estimate. The company's mixed performance reflects operational efficiencies and market conditions, with expenses slightly higher than expected, but revenue growth robust and in line with strategic initiatives.