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American Express Down On Massive Q2 Profit Decline

American Express Company (AXP - Free Report) released its second-quarter 2017 financial results, posting earnings of $1.47 per share and revenues of $8.31 billion. Currently, AXP is a Zacks Rank #3 (Hold) and is down 1.20% to $85 per share in after-hours trading shortly after its earnings report was released.

AXP:

Beat earnings estimates. The company posted earnings of $1.47 per share, just beating the Zacks Consensus Estimate of $1.46 per share.

Beat revenue estimates. The company saw revenue figures of $8.31 billion, topping our consensus estimate of $8.19 billion.

The credit card giant posted a quarterly profit of $1.31 billion, which is down 33% year-over-year. The big drop is attributed, in part, to American Express ending its relationship with Costco U.S.

American Express’ diluted earnings per share were also down, coming in about...


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