Investing.com -- American Express reported second-quarter earnings that beat Wall Street estimates on Friday, but revenue missed expectations, sending shares of the credit card company down more than 2% in premarket trading.

The New York-based company posted diluted earnings per share of $4.53, topping the analyst estimate of $4.40 by $0.13. Revenue net of interest expense came in at $19.64 billion, versus the consensus estimate of $19.69 billion.

Second-quarter net income rose to $3.1 billion, compared with $2.9 billion a year earlier. Total revenue net of interest expense rose 10% year-over-year to $19.64 billion, which the company said was primarily driven by higher Card Member spending and increased net interest income supported by growth in card balances, as well as strong card fee growth.

Consolidated expenses rose 12% year-over-year to $14.5 billion, which the company said was primarily driven by higher variable customer engagement costs due to increased Card Member spending, the U.S. Platinum Card refresh, and usage of Card Member benefits, as well as higher operating expenses.

The consolidated effective tax rate rose to 23.6% from 18.7% a year earlier, which the company said primarily reflected discrete tax benefits in the prior year.

Consolidated provisions for credit losses fell to $1.1 billion from $1.4 billion a year earlier, which the company said reflected a reserve release during the quarter compared with a reserve build in the prior year, partially offset by higher net write-offs. The second-quarter net write-off rate was 2.0%, flat year-over-year.

American Express raised its full-year 2026 revenue growth guidance to 10% and said it continues to expect full-year earnings per share of $17.30 to $17.90.

"We had another excellent quarter, with 10 percent revenue growth, EPS of $4.53, and Card Member spending growth of 9 percent, the highest rate we’ve seen in three years on an FX-adjusted basis," chairman and chief executive Stephen J. Squeri said in a statement.

"Based on our better-than-expected performance in the first half of the year, we are raising our full-year revenue growth guidance to 10 percent."

American Express also announced the proposed acquisition of TheFork, a European restaurant booking platform with 50,000 restaurants across 11 countries.