Zynga Reports Q1 Earnings; Shares Up
On Wednesday April 23, 2014, Zynga (NASDAQ: ZNGA) announced its first quarter earnings. Shares of the company are up 4.75 percent or $0.22 per share in after-hours trading to $4.64.
For this quarter the company posted a net loss of $61 million, which included a 30 million restructuring charge. Net income was $4 million in the same time a year ago, which represents a 57 million loss.
Diluted net loss per share stood at $0.07 per share. Revenue also declined 36 percent year-over-year to $168 million.
Additionally, the company announced in the report that co-founder Mark Pincus will be stepping down from his operation duties as of Wednesday; however, the executive will still remain as Chairman of the company, “operational role as Chief Product Officer at Zynga to focus on serving in his role as Chairman of the Board of Directors.”
For this quarter, Zynga is expecting revenue of $140 to $160 million and a net loss of 65 to 75 million.
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