AmEx Profit Rises But Sets Aside More for Potential Defaults as Spending Growth Slows

American Express reported higher earnings and revenue in Q2, surpassing Wall Street expectations.
However, provisions for credit losses increased significantly compared to last year.
The company maintained its full-year profit outlook despite the strong quarterly results.
AmEx noted high card member spending driven by younger consumers, but signals a potential slowdown.
Shares dropped on unchanged forecast and concerns about future consumer spending amid economic uncertainty.