American Express Share Fall In Morning Trade Despite Upbeat Results

(RTTNews) - Shares of American Express Company (AXP) are falling more than 4% Friday morning following second-quarter results.

Net income was $2.2 billion, or $2.89 per share in the second quarter, up from $2.0 billion, or $2.57 per share, a year ago.

Revenues net of interest expense were $15.1 billion, grew 12 percent from $13.4 billion a year ago.

Analysts on average polled by Thomson-Reuters expected the company to report earnings of $2.81 per share from $15.48 billion for the quarter.

However, the company has provided provisions for credit losses of $1.2 billion, significantly higher than $410 million a year ago.

AXP is at $168.89 currently. It has traded in the range of $130.65 - 182.15 in the last 1 year.