Tag: AmEx

AmEx’s Costs, Provisions Cloud Profit Despite Higher Credit Card Use

April 20, 2023
AmExBusiness & MarketsCompaniescostprofit
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American Express Co.’s profit missed Wall Street estimates on Thursday despite higher spending by its customers as the credit card giant kept aside a large sum to cover potential defaults and spent more on promotions. Shares fell as much as 7 percent to a near three-month low of $154.01 as expenses surged 22 percent to…

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AmEx Profits Fall 9 Percent as Customers Fall Behind on Payments

January 27, 2023
AmExBusiness & MarketsCompaniespaymentsprofit
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NEW YORK—American Express saw its fourth-quarter profits fall by 9 percent, as the credit card giant had to set aside significantly more money to cover potentially bad loans. The company saw charge offs and delinquencies rise, a troubling sign for a company whose customer base is usually well-to-do and extremely creditworthy. But the company did…

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Netflix Suspends Service in Russia as Amex, 2 Top Accounting Firms Cut Business Ties

March 7, 2022
AmExBusiness & EconomyCompanieseconomic policieseconomyEuropeMarketsMedia & Big TechNetflixRussiaRussia-Ukraine WarWorld
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Netflix has suspended its service in Russia amid the Moscow-led invasion of Ukraine, a company spokesperson has confirmed. “Given the circumstances on the ground, we have decided to suspend our service in Russia,” Netflix spokesperson Emily Feingold said in a statement to The Verge. The American subscription streaming platform, which launched its service in Russia in October…

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AmEx Touts Appeal Among Young Users After Profit Beats on Spending Recovery

October 23, 2021
AmExBusiness & EconomyCompaniesEconomieseconomyprofitRecoveryspendingUSUS Newsusersyoung
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American Express Co. reported a higher profit that topped Wall Street estimates for the fourth straight quarter, as higher usage of its cards, particularly by millennial and Gen Z customers, fueled a strong recovery in overall spending. After months of stagnation, credit-card issuers like AmEx are starting to see a turnaround in spending with resumption…

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