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Zynga sees $52 million loss in Q3, announces $200 million stock buyback

Zynga posts $52 million loss, announces new $200 million stock buyback

| Business, Financial & Legal News | Posted: Oct 25, 2012 9:26 am

Zynga aren't having the best year, with their Q3 2012 numbers rolling in and seeing large revenues of $316 million, beating analysts' low expectations of $300 million or so, but the company have lost $160 million in the first nine months of this year.

 

TweakTown image news/2/6/26395_08_zynga_sees_52_million_loss_in_q3_announces_200_million_stock_buyback.jpg

 

The the last three months, Zynga have lost $52 million, even with their better-than-expected Q3 2012 revenue. The company recently announced a $200 million stock buyback and a new partnership with UK-based real-money online gambling site, bwin.party. This saw Zynga's stock driving upward in after-hours trading, rising 13.67%.

 

But, they look to be short-term gains, with the company struggling in the last few months. Zynga are losing millions of gamers, are in lawsuits, had a write-down of OMGPOP, and have also seen corporate talent walking out the door. CEO and founder of Zynga, Mark Pincus, has said in a statement:

 

While the last several months have been challenging for us, Zynga remains well positioned to capitalize on the growth of social gaming. We're implementing a number of steps to drive long-term growth and profitability. The successful launches of FarmVille 2 and ChefVille in the third quarter demonstrate that when we develop great games, our large player audience engages. It's more clear than ever that along with search, shop, and share, play is a fundamental pillar of the Internet, and Zynga continues to be the leader.

NEWS SOURCE
Arstechnica.com

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