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American Express Faces Setbacks as Shares Drop and Delinquencies Rise

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Source: Investopedia
American Express Faces Setbacks as Shares Drop and Delinquencies Rise
Photo: Investopedia
TL;DR

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.

Topics:businessfinance#american-express#credit-card-defaults#earnings#finance#provisions#shares
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  1. American Express Increases Provisions for Delinquent Customers, and Shares Fall  Investopedia
  2. American Express beats Q3 earnings expectations  Yahoo Finance
  3. American Express Company (NYSE:AXP) Q3 2023 Earnings Call Transcript  Yahoo Finance
  4. American Express Reports Sixth Consecutive Quarter Of Record Revenue, Up 13% From Year Earlier to $15.4 Billion  American Express

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