American Express shares slide 5% despite Q2 beat as costs rise
American Express shares fell about 5.3% on Friday to $322.64, their steepest intraday drop in nearly five months, despite the card giant beating second-quarter estimates. It reported earnings of $4.53 per share against $4.08 a year earlier and revenue up 10% to $19.6 billion, and raised full-year revenue growth guidance to 10%. Investors instead focused on expenses climbing 12% to $14.5 billion.