American Express profits slump on higher costs but beat estimates (AXP)
Reuters/Mike Blake
July 19 (Reuters) - American Express Co's profit fell less than expected in the second quarter, as higher spending by card members made up for increased costs from offering rewards.
AmEx said card member spending was up 8 percent in the second quarter ended June 30, when adjusted for currency changes and the impact of losing a longtime partnership with warehouse club retailer Costco Wholesale Corp.
Discount revenue, which makes up the bulk of AmEx's total... Читать дальше...