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Zynga meets earnings targets, manages to make a profit for Q1

Zynga's earnings results are better than expected, stock still takes a dive in after-hours trading

| Business, Financial & Legal News | Posted: Apr 24, 2013 10:04 pm

Today, Zynga reported its first-quarter earnings. Incredibly, Zynga performed better than expected and managed to beat expectations that they experienced a loss. Zynga reported a net income of $4.1 million, much better than the loss of $85 million from this time last year.

 

TweakTown image news/2/9/29928_1_zynga_meets_earnings_targets_manages_to_make_a_profit_for_q1.jpg

 

Revenue came in at $263.5 million, down from $320.9 million this time last year. Even decent results by the struggling company has investors selling. In after-hours trading, Zynga's stock has dropped by 11 percent after having increased during today's trading.

 

We are encouraged by the strong execution from our teams and the breakout hit performance of FarmVille 2, which captures the imagination of nearly 40 million players every month. 2013 will continue to be a transition year as we face the challenging environment on the web and invest in developing the leading franchises and network across web and mobile platforms and offer our 253 million monthly players a connected experience that can follow them from work to school to home and anywhere in between.

NEWS SOURCE
Venturebeat.com

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