There was no change yesterday to annual profit forecasts at American Express, despite the company beating quarterly expectations as customers continued to spend more on its cards.
Its caution about the rest of year reinforced concerns on Wall Street about a potential slowdown in consumer spending in 2023 and hit the financial group’s own share price, which was down by 3.9 per cent, or $6.84, at $170.27 in New York last night.
Total revenues at American Express, net of interest expense, rose by 12 per cent to a record $15.05 billion in the three months to June 30, but even this was shy of analysts’ forecasts of about $15.5 billion. Its net income increased by 11 per cent to $2.17 billion.
Executives at American
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