American Express profit almost flat, expenses fall

CHICAGO(MarketWatch)
Credit-card giant American Express Co. said Wednesday that its third-quarter profit was just about flat, as cardmember spending grew at a slower pace than was seen earlier in the year
American Express said it earned $1.25 billion, or $1.09 a share, compared with a profit of $1.235 billion, or $1.03 a share, in the same quarter a year ago
Revenue, net of interest expense, rose 4% to $7.9 billion
Analysts surveyed by FactSet Research were expecting a profit of $1.09 a share on revenue of $7.89 billion
Total expenses fell 2% to $5.51 billion