Oct 19 Credit card issuer American Express Co
reported its lowest quarterly revenue in more than five
years on Wednesday as it struggled to make up for the loss of
its contract with Costco Wholesale Corp.
Total revenue, net of interest expense, fell 5 percent to
$7.77 billion in the three months ended Sept. 30 - the first
quarter with no revenue from the Costco partnership.
Net income attributable to common shareholders fell about 10
percent to $1.11 billion. On a per share basis, AmEx earned
Costco co-branded portfolio accounted for about 8 percent of
the spending on AmEx cards in 2015.
(Reporting By Sudarshan Varadhan in Bengaluru; Editing by Don