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Zynga shows some zip

Thursday, November 3, 2016 8:38
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(Before It's News)

One-time glamour stock Zynga Inc (NASDAQ:ZNGA) recovered some of its mojo after releasing third quarter results.

The online social games developer reported revenue of US$182.4mln, down 7% year-on-year and little changed from the second quarter, but ahead of market expectations.

The net loss of US$41.7mln was below the low end of the guidance range.

Adjusted earnings (EBITDA) of US$17.9mln were above the high end of the guidance range and up 44% on the third quarter of last year.

“In Q3, we executed well on our core business and our new launches. Our outperformance in the quarter was due to our over-delivery on [mobile racing game] CSR2 and advertising,” said Frank Gibeau, chief executive officer of Zynga.

“We successfully launched two new, high quality mobile games, and our focus on our key live mobile franchises is paying off as demonstrated by the strong year-over-year growth of Zynga Poker, Social Slots and Words With Friends,” he added.

The shares were up 4% at US$2.85 in early trading, but a long way off their May 2012 peak of US$14.69.

Story by ProactiveInvestors

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