American Express Faces Setbacks as Shares Drop and Delinquencies Rise
TL;DR Summary
American Express shares fell over 5% after the company increased provisions for credit card defaults. Despite posting record third-quarter revenue and earnings per share, the company saw a rise in provisions for credit losses. CEO Stephen Squeri attributed the strong results to robust spending by cardmembers on travel and entertainment. American Express reiterated its full-year sales and profit guidance for 2023.
- American Express Increases Provisions for Delinquent Customers, and Shares Fall Investopedia
- American Express beats Q3 earnings expectations Yahoo Finance
- American Express Company (NYSE:AXP) Q3 2023 Earnings Call Transcript Yahoo Finance
- American Express Reports Sixth Consecutive Quarter Of Record Revenue, Up 13% From Year Earlier to $15.4 Billion American Express
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