Online game maker Zynga says it booked a net loss in the fourth quarter, weighed by hefty stock-compensation expenses and other costs in its first quarter as a public company.

Zynga Inc. lost $435 million, or $1.22 per share, in the period. That's down from earnings of $16 million, or 5 cents per share, a year earlier.

Adjusted earnings were 5 cents per share, surpassing Wall Street's expectations. This excludes $510 million in stock compensation expenses triggered by the IPO and other items.

Revenue rose 59 percent to $311 million as Zynga grew its user base, ad revenue and the money it makes from games such as "CityVille."

Analysts surveyed by FactSet expected Zynga to earn 3 cents per share on revenue of $302 million.

Zynga's stock was declining after-hours.