American Express reports marginal rise in Q3 profit
October 18 , 2012
American Express reported a marginal increase in its third-quarter profit rose as cardmember spending growth continued to stagnate for the second quarter in a row.
The company earned $1.25 billion, or $1.09 per share. That compares to $1.24 billion, or $1.03 per share, the previous year.
"It represents slower growth than we were generating earlier in the year, a trend that we are seeing among major card issuers," Chief Executive Kenneth Chenault said in a statement on Wednesday.
Total revenue sat at $7.86 billion, up 4 percent from a year earlier.