News Summary: American Express 3Q profit rises

The Associated Press
October 16, 2013

EARNINGS UP: American Express' net income rose 9 percent in the third quarter as cardholders spent more, boosting revenue. The latest earnings came ahead of Wall Street expectations.

THE NUMBERS: For the three months ended Sept. 30, the company posted a profit of $1.36 billion, or $1.25 per share. That compares with earnings of $1.25 billion, or $1.09 per share, in the same period last year. Revenue rose 6 percent, to $8.3 billion from about $7.9 billion.

SPENDING UP: Spending by American Express cardholders rose 7 percent.