American Express’ income inches upward as customers slow spending


AP

NEW YORK — American Express’ well-heeled customers put the brakes on spending in the April-to-June period when there were big swings in global financial markets.

The credit card issuer’s net income grew one percent to US$1.34 billion, or US$1.15 per share, in the second quarter. Revenue jumped 5 percent to US$8 billion. Wall Street was expecting a profit of US$1.10 per share and revenue of US$8 billion.