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AmEx 2Q profits fall 14% despite higher cardmember spending
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FILE - This Aug. 11, 2019, file photo shows an American Express credit card in New Orleans. American Express’ profits fell 14% in the second quarter, the company said Friday, July 22, 2022, as higher expenses more than offset record spending on its network by its cardmembers. - photo by AP Photo/Jenny Kane, File
NEW YORK (AP) — American Express' profits fell 14% in the second quarter, the company said Friday, as higher expenses more than offset record spending on its network by its cardmembers. AmEx had profit of $1.96 billion, or $2.57 a share, down from $2.28 billion, or $2.80 a share, in the same period a year earlier. That still topped the $2.42 that Wall Street was looking for, according to FactSet, and shares jumped 4% before the opening bell.