NEW YORK (AP) -- American Express Co. said Monday its second-quarter profit tumbled 38 percent, well below Wall Street's forecast, as consumer spending slowed and credit indicators deteriorated beyond the lender's expectations.For the period ended June 30, American Express reported net income of $653 million, or 56 cents per share, compared with $1.06 billion, or 88 cents per share, in the year-ago period.
Analysts, on average, expected earnings of 83 cents per share on revenue of $7.6 billion, according to Thomson Financial.
Revenue rose 8 percent to $7.48 billion from $6.94 billion in the second quarter of last year.
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