American Express Co's first-quarter profit missed Wall Street estimates as the credit card giant set aside more money to cover potential losses stemming from cardholders falling behind on debt repayments.
first-quarter profit missed Wall Street estimates as the credit card giant set aside more money to cover potential losses stemming from cardholders falling behind on debt repayments.
Stubborn inflation and a rapid rise in borrowing costs have begun to pinch customers of AmEx, which has so far been in a better position than its peers due to a wealthy customer base. AmEx profit fell 13% to $1.8 billion, or $2.40 per share, for the three months ended March 31, missing analysts' average estimate of $2.66 per share, according to Refinitiv data.
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