American Express Company (NYSE:AXP) released its earnings report for the second quarter of 2016 and InvestorPlace has collected some things to know about it.
- American Express Co reported earnings per share of $2.10, which is above the $1.95 analysts were expecting.
- It’s Q2 EPS was also up 48% from what it reported during the same time last year.
- Revenue for the second quarter of the year was $8.23 billion.
- It’s revenue dropped roughly 1% from the second quarter of 2015’s $8.28 billion and didn’t meet the $8.40 billion Wall Street was looking for.
- American Express Co said that it will increase spending in the second half of 2016.
- The company noted that it expects EPS for 2016 to be on the high end of its $5.40 to $5.70 estimate.
- AXP didn’t update its EPS outlook for 2017.
Despite beating analysts’ EPS estimates, American Express Co has been hit by a downgrade from BMO Capital. It lowered its target price from $76 to $73, but maintained its “Market Perform” rating.
BMO Capital also lowered its 2017 and 2018 earnings estimates for AXP and said American Express Co’s plans for increased spending is the reason for the change, reports TheStreet.com.
AXP shares were down 1% as of Thursday morning.
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