In the second quarter, American Express, the well-known US financial company, reported an increase in revenues, but results fell short of market forecasts. While consumers have kept spending high in industries such as travel, entertainment and dining, the numbers have not quite met expectations.
The company announced a net profit of $2.17 billion, which is equivalent to $2.89 per share. That’s an increase from the $1.96 billion, or $2.57 per share, posted during the same period last year. However, the market forecast was $2.81 per share. Revenues marked a 12% increase to $15.05 billion, but forecasts were more optimistic, expecting $15.41 billion.
Despite these results, American Express confirmed its forecast for the full fiscal year. The company expects revenue growth of 15% to 17%, with earnings per share in the range of $11 to $14. American Express shares fell 3.7% in pre-market trading after finishing unchanged the previous day. Since the beginning of the year, however, the stock has gained almost 20% in the market.