SANTA MONICA, Calif. (AP) _ Snap Inc. (SNAP) on Tuesday reported a loss of $240.7 million in its fourth quarter.
The Santa Monica, California-based company said it had a loss of 17 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 3 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.
The company behind Snapchat posted revenue of $560.9 million in the period, missing Street forecasts. Eight analysts surveyed by Zacks expected $561 million.
For the year, the company reported that its loss narrowed to $1.03 billion, or 75 cents per share. Revenue was reported as $1.72 billion.
For the current quarter ending in April, Snap said it expects revenue in the range of $450 million to $470 million.
Snap shares have climbed 16% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $18.99, more than doubling in the last 12 months.