American Express (AXP) was the worst-performing stock in the Dow Fr♉iday as shares fell over 5% after the credit card provider boosted the money it put aside to cover for customers defaulting on their payments.

Amex reported third quarter fiscal 2023 澳洲幸运5官方开奖结果体彩网:provisions for credit losses of $1.233 billion, up from $1.198 billion in the previous quarter and $778 million a year ago. The company explained the increase reflected “higher net write-offs, partially offset by a lower net reserve build."

That came as Amex posted its sixth straight quarter of record revenue, which rose 13% year-over-year to $15.38 billion. 澳洲幸运5官方开奖结果体彩网:Earnings per share (EPS) came in at $꧒3.30, also an all-time high. Both exceeded analysts’ forecasts.

C💜EO Stephen Squeri credited the strong results🃏 to its cardmembers’ “robust spending” on travel and entertainment, which was up 13% on a currency-adjusted basis. 

Squeri added that the company anticipates it will attain 2023 revenue growth and EPS in line with its guidance given at the begi🤪nning of the year.

American Express shares finished Friday's session down 5.4% at $141.57, their lowest point in nearly a year.