American Express shares tumbled 5.09% in pre-market trading on Friday after the credit-card giant reported mixed second-quarter results, with a slight revenue miss and a maintained earnings outlook overshadowing an otherwise strong profit beat.

The company posted earnings of $4.53 per diluted share, handily surpassing analyst estimates of $4.40, according to FactSet. Net income rose 8% year-over-year to $3.11 billion. However, total revenue net of interest expense came in at $19.64 billion, narrowly missing the consensus estimate of approximately $19.70 billion. Card member spending, or billed business, climbed 9% on a foreign-exchange adjusted basis, marking the fastest growth in three years, yet failed to show the acceleration some investors were seeking.

While American Express raised its full-year revenue growth guidance to 10%, up from a prior range of 9% to 10%, the company merely reaffirmed its earnings per share outlook of $17.30 to $17.90. According to Truist analyst Brian Foran, the initial negative reaction stems from disappointment over "the lack of acceleration in both billed business and revenue growth," noting that some had hoped for an 11% revenue forecast. Despite the upbeat spending trends and strong profit, the maintained profit guidance and plans to reinvest outperformance back into the business left investors wanting more, triggering the sharp pre-market decline.