NEW YORK (AP) — American Express saw its first-quarter profits rise sharply, but the company saw a significant drop in revenue as fewer customers used their credit cards and those with balances paid down debt. The company earned $2.24 billion, or $2.74 a share, compared with a profit of $367 million, or 41 cents a share, in the same period a year earlier. American Express’ bottom line took a hit in the pandemic, with fewer Americans traveling, dining out, entertaining or shopping. Spending on corporate and individual charge and credit cards has dropped, and those who kept a revolving balance have paid off their debts. Revenues at AmEx were down 12% from a year earlier.
American Express first-quarter profits rise
