Credit card company American Express said its quarterly profit fell 5%, as it spent more on its rewards program. The company said net income fell to $1.55 billion, or $1.80 per share, in the first quarter ended March 31, from $1.63 billion, or $1.86 per share, a year earlier. The results surpassed Wall Street expectations. The average estimate was for earnings of $2 per share.
Total revenue, excluding interest expense, rose 7% to $10.36 billion. American Express expects full-year earnings in the range of $7.85 to $8.35 per share.