Year starts with slowed credit spending at American Express

American Express was hit by a slowdown in credit spending and revenue slid, but earnings topped expectations thanks to $1.05 billion in credit reserve releases.

The New York company on Friday reported first-quarter net income of $2.24 billion, or $2.74 per share. Per share earnings, minus one-time costs and benefits, were $1.74, exceeding Wall Street projections of $1.68, according to Zacks Investment Research.

The credit card issuer and global payments company posted revenue of $9.06 billion, just shy of analyst projections of $9.24 billion.


Shares of American Express Co. dipped more than 2% before the opening bell Friday.