General Motors’s first-quarter North American profit disappointed investors as increased spending reduced the benefit of soaring revenue.

Excluding some items, profit was 95 cents a share, beating the 91-cent average estimate of 13 analysts.While sales rose $2.8 billion, higher operating expenses cut profit by $700 million and contributed to the stock’s biggest decline in more than two months,GM shares fell 3.1 percent, to $32.02.