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American Express's Q3 card spending fell short of expectations, but the company raised its full-year earnings guidance and announced a roughly 5% reduction in its workforce, with shares down 2.7% in premarket trading.
American Express reported third-quarter billed business of $454 billion, falling short of analysts' expectations of $456.9 billion. The company attributed part of the shortfall to exiting several small business co-brand card partnerships. Concurrently, the company announced a workforce reduction of approximately 5% to enhance efficiency. Despite the pressure on spending, American Express raised its full-year adjusted earnings per share (EPS) guidance to $18.30-$18.60, up from the previous forecast of $17.30-$17.90. As of 7:34 AM ET on Friday, American Express shares were down 2.7% in premarket trading, at $316.33.
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