American Express on Thursday reported lower earnings in the first quarter but earnings per share beat estimates.

The New York-based company said it had net income of $1.55 billion, or $1.80 per share. Earnings, adjusted for non-recurring costs, came to $2.01 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2 per share.

The credit card issuer and global payments company posted revenue of $10.36 billion in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $10.49 billion.

A year earlier the company earned $1.63 billion, or $1.86 per share, on revenue of $9.72 billion.

American Express still expects full year earnings in the range of $7.85 to $8.35 per share. Analysts expect $8.13 per share, according to FactSet.

American Express shares have climbed 17% since the beginning of the year, while the Standard & Poor’s 500 index has risen 16%. The stock has increased 19% in the last 12 months.

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