Integrated payments firm American Express Co. (AXP) reported Friday that net income for the third quarter declined to $1.1 billion or $1.30 per share from $1.8 billion or $2.08 per share in the prior-year quarter.
Consolidated total revenues, net of interest expense, also decreased 20 percent to $8.8 billion from $11.0 billion in the same quarter last year, primarily reflecting declines in Card Member spending and the average discount rate compared to the prior year.
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