American Express (AXP) was the worst-performing stock in the Dow Friday as shares fell over 5% after the c💛redit card provider boosted the money it put aside to cover for customers defaultin🎀g on their payments.

Amex reported third quarter fiscal 2023 澳洲幸运5开奖号码历史查询: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开奖号码历史查询:Earnings per share (EPS) came in at $3.30, also an all-time high. Both exceeded 🐬analysts’ forecasts.

CEO 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 aꦛnd EPS in line with its guidance given at the beginning of the year.

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