[1/2] American Express logo and trading symbol are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., December 6, 2017. Shares fell as much as 7% to a near three-month low of $154.01 as expenses surged 22% to $11.1 billion in the first quarter, higher than expectations of $10.4 billion. "While the elevated provision does not come as a surprise, the miss on expenses is likely the driving force behind the shares' move lower," UBS analysts wrote in a client note. The company, however, reaffirmed its profit forecast for 2023 as spending by customers on travel and entertainment surged 39%. It expects to earn $11 to $11.40 per share compared to analysts' estimate of $11.10.

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