American Express earnings for the second quarter of 2019 has AXP stock falling on Friday.
American Express (NYSE:AXP) starts off its earnings report for the second quarter of the year with earnings per share of $2.07. This is a 13% increase from the company’s earnings per share of $1.84 from the same time last year. It also comes in above Wall Street’s earnings per share estimate of $2.04 for the quarter, but AXP stock was still down today.
Net income reported in the American Express earnings release for the second quarter of 2019 comes in at $1.76 billion. This is up 9% from the company’s net income of $1.62 billion reported in the second quarter of 2018.
Breaking down the net income for the quarter shows Global Consumer Services Group reporting $738 million for the quarter. That’s down 4% from the second quarter of the previous year. Global Commercial Services net income was $644 million, which is up 14% from the same time in 2018.
The American Express earnings report for the second quarter of the year also includes revenue of $10.84 billion. That’s 8% better than the company’s revenue of $10.00 billion reported in the same period of the year prior. It also beats out analysts’ revenue estimate of $10.82 billion for the quarter, but couldn’t stop AXP stock from falling today.
All of this is goods news, so what’s keeping AXP stock down today. It may have to do with the company’s expenses for the most recent quarter. This was up 9% to $7.8 billion during the period. The increase has to do with expanding rewards programs and customers making more use of their benefits.
AXP stock was down 2% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.