American Express Quarterly Earnings Fall 47%

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American Express

American Express says its net income fell 47 percent in the fourth quarter, as the credit card issuer racked up hefty charges related to restructuring costs and other one-time expenses.

The New York-based company said Thursday that it posted net income of $637 million, or 56 cents per share, for the three months ended Dec. 31. That compares with net income of $1.2 billion, or $1.01 per share, in the same period last year.

The credit card company's shares dropped in after-hours trading. (Click here for the latest after-hours quotes.)

Excluding roughly $594 million in after-tax charges, American Express' earnings amounted to $1.09 per share.

Analysts polled by FactSet were expecting adjusted earnings of $1.06 per share.

Revenue for the quarter grew 5 percent to $8.14 billion, in line with analysts' forecast.

Management said spending by cardholders rose 8 percent during the quarter.

The company announced last week that it would cut 5,400 jobs from its workforce of 63,500. It also announced a $400 million restructuring charge.