American Express beats 2Q profit expectations, misses revenue forecasts

Industries Associated Press

American Express Co. (AXP) on Wednesday reported second-quarter profit of $1.44 billion.

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On a per-share basis, the New York-based company said it had net income of $1.42.

The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.

The credit card issuer and global payments company posted revenue of $8.28 billion in the period, missing Street forecasts. Nine analysts surveyed by Zacks expected $8.39 billion.

American Express shares have fallen 15 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 3 percent. In the final minutes of trading on Wednesday, shares hit $78.86, a decline of 17 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXP at http://www.zacks.com/ap/AXP

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Keywords: American Express, Earnings Report, Priority Earnings