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American Express first quarter profit rises 7 percent on higher customer spending
NEW YORK (AP) ' American Express says its first quarter profit rose 7 percent and beat Wall Street expectations as its customers spent more and fewer defaulted on their accounts.
The credit card issuer earned $1.25 billion, or $1.07 per share, in the first three months of the year. Revenue jumped 8 percent to $7.61 billion.
Wall Street was expecting a profit of $1.01 per share and revenue of $7.47 billion.
CEO Kenneth Chenault says customer spending rose 12 percent over the same quarter a year ago. Past-due accounts and write-offs are at historic lows.