NEW YORK (AP) — NEW YORK (AP) — American Express Co. (AXP) on Thursday reported first-quarter net income of $2.97 billion.

On a per-share basis, the New York-based company said it had net income of $4.28.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $4.03 per share.

The credit card issuer and global payments company posted revenue of $18.91 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $18.62 billion.

American Express expects full-year earnings to be $17.30 to $17.90 per share.

American Express shares have declined 10% since the beginning of the year, while the S&P’s 500 index has increased slightly more than 4%. The stock has risen 32% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXP at https://www.zacks.com/ap/AXP