American Express profit tumbles 38%

July 22, 2008

American Express Co. said yesterday that second-quarter profit tumbled 38 percent to $653 million, or 56 cents per share, compared with $1.06 billion, or 88 cents per share, in the year-ago period. Revenue rose 8 percent to $7.48 billion from $6.94 billion in the second quarter of last year.