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AmEx Profit Rises on Gain Tied to Costco Portfolio Sale

Revenue at American Express has been in focus recently because it has fallen short of...

Revenue, however, slipped 0.6% to $8.24 billion, while increasing 1% excluding currency effects. Top-line growth at American Express has been in focus lately because it has fallen short of internal targets. Analysts polled by Thomson Reuters expected $8.4 billion in revenue for the quarter.

American Express has suffered from issues ranging from the loss of its 16-year exclusive relationship with warehouse-club retailer Costco Wholesale Corp., to heavy competition, to declines in corporate travel budgets.

Chief Executive Kenneth Chenault said earlier this year that the company was “taking...


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