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.
AmEx 2Q profits fall 14% despite higher cardmember spending