American Express Q2 Profit Tops View, While Revenues Miss; Backs FY23 View; Stock Down In Premarket

(RTTNews) - Payment company American Express Co. (AXP) reported Friday that its second-quarter net income grew to $2.2 billion or $2.89 per share from last year's $2.0 billion or $2.57 per share a year ago.

On average, 21 analysts polled by Thomson Reuters expected earnings of $2.81 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues grew 12 percent to $15.05 billion from last year's $13.40 billion. Analysts were looking for revenues of $15.48 billion for the quarter.

Total provisions for crdit losses surged to $1.20 billion from last year's $410 million.

Further, for fiscal 2023, the payments company continues to expect earnings per share of $11.00 to $11.40 and revenue growth of 15 percent to 17 percent.

Analysts expect the company to earn $11.11 per share and revenues to grow 16.5 percent to $61.57 billion.

In pre-market activity on the NYSE, the shares were trading at $170.61, down 3.67 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.