In this news, we discuss the American Express reports 40% slump in quarterly profit.
(Reuters) – Credit card company American Express Co AXP.N on Friday announced a nearly 40% drop in quarterly profit, penalized by lower user spending, while setting aside $ 665 million dollars for potential faults.
Net income fell to $ 1.07 billion, or $ 1.30 per share, for the third quarter ended Sept. 30, from $ 1.76 billion, or $ 2.08 per share, a year earlier .
Report by Niket Nishant in Bengaluru; Edited by Arun Koyyur
Original © Thomson Reuters