AmEx profit doubles as US holiday shoppers spend more

Credit card company American Express's quarterly profit more than doubled as it gained from higher consumer spending during the U.S. holiday season.

The company's net income rose to $1.31 billion, or $1.21 per share, for the fourth quarter ended Dec. 31, up from $637 million, or 56 cents per share, a year earlier.

Total revenue, net of interest expense, rose 5 percent to $8.55 billion.

—By Reuters