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News Summary: American Express' 1Q profit up

The Associated Press

EARNINGS DOWN: American Express' net income rose 2 percent in the first quarter, as cardholders spent more, boosting revenue. The latest earnings came ahead of Wall Street expectations, but revenue fell short.

THE NUMBERS: For the three months ended March 31, net income totaled $1.28 billion, or $1.15 per share. That compares with net income of $1.25 billion, or $1.07 per share, in the same period last year. Revenue in the latest quarter grew 4 percent to $7.88 billion.

SPENDING UP: Spending by American Express cardholders rose 6 percent.