Zynga Earnings Top Forecasts; Shares Rise
Zynga reported quarterly earnings and revenue thatbeat Wall Street's expectations on Thursday, sending its shares higher in extended-hours trading.
After the earnings announcement, the company's shares rose 2 percent in trading after the closing bell. (Click here to get the latest quote for Zynga.)
The company posted first-quarter earnings excluding items of 6 cents per share. Bookings revenue was $329 million.
Zynga said that that its net loss totaled $85.4 million, or 12 cents per share. It had earnings of $16.8 million, or about break even, a year earlier when it was still a private company.
Analysts had expected the company to report earnings excluding items of 5 cents a share on $317 million in revenue, according to a consensus estimate from Thomson Reuters.
"We're pleased with the progress that Zynga has made in the first quarter growing our audience reach 25 percent year over year and nearly 20 percent quarter over quarter," said Mark Pincus, the company's CEO and founder.
The results come as investors have been pushing Zynga's stock lower amid concerns about its ability to grow quickly.
Estimates were not available from Thomson Reuters from the year-ago period when the company was still a private company.
In the previous quarter, the company barely beat earnings and revenue estimates.
Zynga's games include "CityVille" and "Words With Friends." The company recently bought OMGPop, the maker of the mobile game "Draw Something."
