Snap stock was soaring in premarket trading Friday after the Snapchat parent reported a surprise profit for the fourth quarter. The results indicated that fears about Snap’s business in the wake of Meta Platforms‘ dismal report were overblown.

Snap (ticker: SNAP) reported net income of $22.6 million, or 1 cent per share. Revenue rose 42% year over year to $1.3 billion. Analysts polled by FactSet had forecast a net loss of 9 cents a share and revenue of $1.2 billion.

The…