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American Express Shares Inch Lower As Profit Declines

Jul, 20th 04:56

Shares of American Express Company turned lower in after-hours trading on Wednesday after the credit-card company reported better-than-expected earnings and sales but profit declined in the second quarter.

Shares of the company inched nearly 1.5 percent lower to US$84.65 per share in after-market trading. The card company posted second-quarter earnings of $1.3 billion, or $1.47 a share, up from $2 billion, or $2.10 a share, in the year-ago period. Analysts had expected per-share earnings of $1.43.

However, American Express witnessed profit plunged by 33 percent in the three-month period ending June 30th.  The decline came after the company ended its business relationship with Costco while its expenses rose sharply as the card company spent heavily on rewards to woo customers, not to mention expenses on tax treatment and restructuring charges.

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