Snap has faced a parade of mostly bad news since it became a public company last year, but the company remains a powerful outlet for mainstream media companies hoping to tap into its mostly teen audience.

With that in mind, the company is launching a new feature called Live. Snapchatters will get their first taste of it on February 10, when the Winter Olympics opens in PyeongChang, South Korea and NBC directly streams its live broadcast into Snapchat's Discover page, showing key moments from the Games in real time.

NBC is the first TV broadcast partner Snap is collaborating with on the new Live feature, which isn't surprising considering NBCUniversal has invested $500 million in Snap and created content for Snapchat at the 2016 Rio Summer Olympics.

The two companies are also teaming up to produce custom Context Cards, which will appear under Our Stories and give Snapchatters a look at behind-the-scenes action from PyeongChang from the perspective of both fans and athletes.

The Live launch comes on the heels of Snap reporting unexpectedly strong revenue and user growth on Monday. It announced fourth quarter sales of $285.7 million and a daily user count of about 187 million, 5 percent higher than the 178 million it counted in November last year. Its stock has been up sharply in recent trading.

Read more: Snap's earnings show it isn't about to ghost us.