American Express earnings fall as credit losses top 10 percent

Updated

American Express (AXP), the issuer of credit cards primarily to corporations and affluent consumers, reported earnings after the market closed today. Earnings for the second quarter of 2009, excluding TARP charges, were $342 million -- down 48 percent from a year ago -- or 27 cents per share, compared to the average of 26 cents per share expected from analysts. Revenues were $6.1 billion compared to the $6.29 billion expected from analysts, as spending by card members fell.

After closing more than two percent higher today, shares fell nearly five percent in after-hours trading following the announcement.

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