American Express profit inches higher

LOS ANGELES American Express (AXP) says its net income rose 1 percent in the third quarter as its customers spent more money, boosting revenue for the credit card issuer.

But the rate of growth in customer spending was slower than earlier this year, echoing a trend among major card issuers.

The New York-based company said Wednesday that it posted net income of $1.25 billion, or $1.09 per share, for the three months ended Sept. 30. That compares with net income of $1.24 billion, or $1.03 per share, in the same period last year.

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Revenue rose 4 percent to $7.86 billion from $7.57 billion.

Analysts polled by FactSet were expecting adjusted earnings of $1.09 per share on revenue of $7.9 billion.

Shares were off 56 cents to $58.80 in after-hours trading.