American Express Reports Second Quarter Financial Results
American Express has reported second quarter 2008 financial results - with revenue up 8% but income from continuing operations down 37% vs. the same period last year. Amex revised downward its prior forecast of 4-6% earnings growth - saying "that outlook was based on business and economic conditions in line with, or moderately worse than, January 2008. The environment has weakened significantly since then, particularly during the month of June." The average merchant discount rate declined slightly from 2.57% to 2.56%.
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