(Updated - October 21, 2015 4:15 PM EDT)

American Express (NYSE: AXP) reported Q3 EPS of $1.24, $0.07 worse than the analyst estimate of $1.31. Revenue for the quarter came in at $8.2 billion versus the consensus estimate of $8.32 billion.

Revenue was down 1% and EPS was down 11% from last year.

The company now expect expects full year 2015 EPS to be between $5.20 and $5.35, versus the consensus of $5.49.

While overall results were in line with our 2015 financial outlook, the quarter reflected the headwinds and challenges that we have been dealing with throughout this year,” said Kenneth I. Chenault, chairman and chief executive officer. “Reported revenue and billed business levels were suppressed by a stronger U.S. dollar. In addition, the renewals and changes that we made earlier this year to some co-brand relationships also entailed some significant incremental expenses this quarter.

“Against the backdrop of a challenging environment and an uneven global economy, we continued to move forward with initiatives to build our business for the years ahead. With our Costco relationship set to end in the U.S. next year, we’re investing substantially more in marketing, incentives and technology to attract a range of new Card Members and additional spending across our network. We’re expanding card acceptance at an accelerated pace among smaller merchants and also added Sam’s Club, the eighth largest retailer in the U.S., to our network earlier this month. We’re broadening our relationships with Card Members to accommodate more of their borrowing needs, and our loan portfolio continued its steady growth this quarter.

“The flexibility to invest in these and other growth initiatives comes in part from our ongoing progress in containing operating expenses throughout the company. We also continue to benefit from a strong balance sheet that allows us to return a substantial portion of our earnings to shareholders through share repurchases and dividends.

“We continue to expect quarterly earnings performance to be more uneven than it has been historically as we move forward on initiatives to help ensure our organization is in position to return to growth and deliver on the multi-year financial outlook that we first shared in February of this year. Throughout this year, we have said that our full year 2015 outlook was for EPS to be flat to modestly down versus the prior year. Barring any contingencies, we now expect our full year 2015 EPS to be between $5.20 and $5.35. We believe our outlook to return to positive earnings per share growth in 2016 and within our target range of 12 to 15 percent in 2017 remains appropriate.”

For earnings history and earnings-related data on American Express (AXP) click here.