American Express beats 1Q profit expectations, misses revenue forecasts

NEW YORK, N.Y. – NEW YORK (AP) _ American Express Co. (AXP) on Thursday reported first-quarter net income of $1.51 billion.

On a per-share basis, the New York-based company said it had net income of $1.48.

The results topped Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.37 per share.

The credit card issuer and global payments company posted revenue of $7.95 billion in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $8.21 billion.

American Express shares have declined 13 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2 per cent. In the final minutes of trading on Thursday, shares hit $80.82, a decline of 7.5 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXP at http://www.zacks.com/ap/AXP

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