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AmEx profits up 3%, but still sets cash aside for downturn

Por: ABC News Business October 21, 2022

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NEW YORK -- American Express profits rose a modest 3% in the third quarter despite a significant rise in spending by cardmembers. Revenue surged 24% to $13.56 billion, but profit its being curbed as the credit card giant sets aside hundreds of millions of dollars to cover potential credit losses in a volatile global economy. Shares slumped 6.5% in morning trading Friday. The New York company earned $1.88 billion, or $2.47 a share, or a nickel... + full article



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