Amex Revenue Misses Estimates as Card Spending Growth Slows
- Firm posts weakest spending growth since first quarter of 2021
- CFO Campbell says spending levels are ‘more stable’ now
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American Express Co.’s second-quarter revenue rose less than analysts expected as spending growth on the firm’s cards slowed to the lowest level in more than two years.
Volume on Amex’s network increased 8%, the weakest gain since the first quarter of 2021 and a smaller increase than analysts anticipated. The firm’s stock dropped 5%, the worst performance in the Dow Jones Industrial Average.