CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Moderna Inc. (MRNA) on Thursday reported a loss of $1.18 billion in its first quarter.

The Cambridge, Massachusetts-based company said it had a loss of $3.07 per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for a loss of $3.59 per share.

The biotechnology company posted revenue of $167 million in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $124.7 million.

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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 MRNA at https://www.zacks.com/ap/MRNA