Shares of (NASDAQ: MRNA) were jumping 9.5% higher as of 11:09 a.m. ET on Thursday after rising as much as 10% earlier in the day. The gain came after the biotech company announced its fourth-quarter and fiscal year 2023 results.

The big news in Moderna's Q4 update was a surprise profit of $217 million, or $0.53 per share, based on generally accepted accounting principles (GAAP). The average analysts' estimate was for a Q4 loss of $0.90 per share.

Moderna also reported Q4 revenue of $2.8 billion, down from $5.1 billion in the prior-year period. However, this result was well above the consensus revenue estimate of $2.3 billion.

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Source Fool.com