American Express Shares Decline 3.62% Despite Exceeding Q3 Profit Estimates

American Express shares closed 3.62% lower on Friday, even though the credit card giant exceeded Q3 profit estimates. The company announced plans to cut about 5% of its 77,000 global workforce and is taking a $336 million restructuring charge to prepare for AI, according to CFO Christophe Le Caillec. The stock decline was attributed to revenue missing Wall Street’s expectations and underlying pretax profit growing only 1.6%, with much of the earnings growth coming from a lower tax bill and share buybacks, rather than stronger business performance.