American Express profit rises, but it sets aside more money for possible defaults

By Associated Press

Jul 22, 2023 12:09 am

AMERICAN Express saw its profit and revenue climb in the second quarter, and credit card use is rising, but the company's stock slipped before the market opened as it set aside more money for possible defaults on payments.

The card issuer earned $2.17 billion, or $2.89 per share, topping Wall Street expectations for $2.80, according to analysts surveyed by Zacks Investment Research. A year earlier the company earned $1.96 billion, or $2.57 per share.

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