AmEx 2Q profits fall 14% despite higher cardmember spending

By KEN SWEET
AP Business Writer

NEW YORK (AP) — American Express’ profits fell 14% in the second quarter, the company said Friday, as higher expenses more than offset record spending on its network by its cardmembers. AmEx said it earned a profit of $1.96 billion, or $2.57 a share, down from a profit of $2.28 billion, or $2.80 a share, in the same period a year earlier. The results did beat analysts’ expectations, who were looking for AmEx to earn a profit of $2.42 a share, according to FactSet.