American Express Co.’s profit missed Wall Street estimates on Thursday despite higher spending by its customers as the credit card giant kept aside a large sum to cover potential defaults and spent more on promotions. Shares fell as much as 7 percent to a near three-month low of $154.01 as expenses surged 22 percent to…
AmEx Profits Fall 9 Percent as Customers Fall Behind on Payments
NEW YORK—American Express saw its fourth-quarter profits fall by 9 percent, as the credit card giant had to set aside significantly more money to cover potentially bad loans. The company saw charge offs and delinquencies rise, a troubling sign for a company whose customer base is usually well-to-do and extremely creditworthy. But the company did…
Netflix Suspends Service in Russia as Amex, 2 Top Accounting Firms Cut Business Ties
March 7, 2022
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Netflix has suspended its service in Russia amid the Moscow-led invasion of Ukraine, a company spokesperson has confirmed. “Given the circumstances on the ground, we have decided to suspend our service in Russia,” Netflix spokesperson Emily Feingold said in a statement to The Verge. The American subscription streaming platform, which launched its service in Russia in October…
AmEx Touts Appeal Among Young Users After Profit Beats on Spending Recovery
American Express Co. reported a higher profit that topped Wall Street estimates for the fourth straight quarter, as higher usage of its cards, particularly by millennial and Gen Z customers, fueled a strong recovery in overall spending. After months of stagnation, credit-card issuers like AmEx are starting to see a turnaround in spending with resumption…
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