American Express (NYSE:AXP) Falls Short on Earnings

American Express Company (NYSE:AXP) failed to meet earnings expectation in their latest quarter, although profits surged by 48 percent.

EPS for the quarter reached $0.94, down from the $0.95 analysts were looking for. Revenue came in at $7.32 billion, down from the consensus of $.33 billion.

After a charge of $74 million, American Express earned $0.88 a share on $1.1 billion, up from $716 million, or 60 cents a share in the same quarter last year.

The charge was in connection with job cuts in their service network.

Uncollectible loans written off in the quarter dropped to 4.1 percent, down from 7. percent last year during the same period.

American Express closed Monday at $45.79, losing $0.21, or 0.46 percent.