NEW YORK—American Express’ profits fell 14 percent in the second quarter, the company said Friday, as higher expenses more than offset record spending on its network by its cardmembers.
AmEx had profit of $1.96 billion, or $2.57 a share, down from $2.28 billion, or $2.80 a share, in the same period a year earlier. That still topped the $2.42 that Wall Street was looking for, according to FactSet.
