American Express says profit was lower than expected in the fiscal third quarter

The American Express Company (NYSE: AXP) said on Friday that its profit in the fiscal third quarter came in lower than expected. But revenue, it added, topped estimates. American Express valued provisions for bad loans in the recent quarter at £510.61 million versus the year-ago figure of £674.93 million. American Express said that its net income in the third quarter printed at £820 million that translates to £1.0 per share. In comparison, it had reported a much higher £1.35 billion of net income in the comparable quarter of last year, or £1.60 per share. In the prior quarter (Q2), the