and more on amex - also from cnnmoneyThe credit card giant said...

and more on amex - also from cnnmoney

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.

Earnings for the company based on continuing operations were $238 million, or 21 cents a share. Analysts were expecting a profit of $235 million, or 22 cents a share, from continuing operations according to Thomson Reuters.

Kenneth Chenault, AmEx's chairman and chief officer, cited a 10% decline in overall cardmember spending as well as higher write-offs and a rising number of late payments for the company's latest performance.