Shares of American Express Co. /zigman2/quotes/203805826/composite AXP +0.0083% sank 2.7% in premarket trading Friday, after the credit card and travel services company reported a third-quarter profit that missed expectations, while revenue topped forecasts. Net income fell to $1.07 billion, or $1.30 a share, from $1.76 billion, or $2.08 a share, in the year-ago period, below the FactSet consensus of $1.34 a share. Revenue fell 20% to $8.75 billion, due primarily to declines in card member spending amid the COVID-19 pandemic, but topped the FactSet consensus of $8.66 billion. Provisions for credit losses declined to $665 million from $879 million. "Since the lows of mid-April, we have seen a steady recovery in our overall spending volumes," said Chief Executive Stephen Squeri. "In fact, we had positive year-over-year growth in non-[travel and expense] spending, which has long accounted for the large majority of our overall volumes." The stock has declined 15.8% year to date through Thursday, while the SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF -0.32% has dropped 18.2% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.13% has slipped 0.6%.