UPDATE: American Express Q4 Profit Drops 47%

American Express

reported a 47% drop in its fourth-quarter net income. American Express' quarterly net income fell to $637 million, or $0.56 per share, from $1.2 billion, or $1.01 per share, in the year-ago period. Excluding items, the company earned $1.09 per share. However, analysts were expecting earnings of $1.06 per share. Its revenue rose 5% to $8.14 billion. For the full year, American Express' net income declined 9% to $4.48 billion, or $3.89 per share, from $4.94 billion, or $4.12 per share. Its revenue rose 5% to $31.6 billion from around $30 billion. American Express shares dropped 0.41% to $60.49 in after-hours trading.