Amex Shares Drop as Platinum Card Refresh Boosts Expenses

American Express Co. shares fell after the company’s Platinum card refresh boosted expenses more than expected and profit fell short of analysts’ estimates.

Fourth-quarter expenses of $14.5 billion were 10% higher than a year earlier and missed the $14.2 billion estimate. Amex last year announced a refresh of its popular Platinum card that included a raft of new perks, including $400 a year of dining credits at Resy restaurants.