American Express earnings plunge 79%

[Bindare_Dundat]

Profits at the credit card issuer plummet in the latest quarter and fall short of analysts' expectations.

American Express reported a steep decline in earnings in the latest quarter, the company said Monday, citing slower consumer spending and rising delinquencies.

The credit card giant said net income fell 79% to $172 million, or 15 cents a share, down from $831 million, or 72 cents a share, during the same period a year ago.

[Soul Crusher]

Profits at the credit card issuer plummet in the latest quarter and fall short of analysts' expectations.

American Express reported a steep decline in earnings in the latest quarter, the company said Monday, citing slower consumer spending and rising delinquencies.

The credit card giant said net income fell 79% to $172 million, or 15 cents a share, down from $831 million, or 72 cents a share, during the same period a year ago.

Wow!  Thats earnings, not profits!