American Express Q1 Earnings: Record Revenue but Profit Misses Expectations.

American Express reported a 13% drop in Q1 profit, missing Wall Street estimates, as it set aside $1.1bn to cover potential losses from cardholders falling behind on debt repayments. The credit card giant has been hit by stubborn inflation and a rapid rise in borrowing costs, which have begun to pinch its customers. However, the company reaffirmed its profit forecast for 2023, expecting to earn $11 to $11.40 per share compared to analysts' estimate of $11.10.