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The silver lining to American Express' poor third quarter earnings is that the company was ramping spend on marketing and technology, seeking to attract new card members and spending across its network.The company is preparing for the termination of a 16-year exclusivity relationship with Costco's club stores. In the past year, AmEx renewed its partnership with Delta Air Lines and extended its relationship with Starwood.
The company said results were affected by the stronger U.S. dollar. AmEx said it now expects full-year 2015 per-share earnings of $5.20 and $5.35 “barring any contingencies” compared with its previous estimate for per-share profit to be flat-to-slightly-below the $5.56 reported for 2014. “We continue to expect quarterly earnings performance to be more uneven than it has been historically,” Chief Executive Kenneth Chenault said in a news release.
http://www.wsj.com/articles/american-express-profit-drops-as-firm-ramps-up-spending-1445458850
