Sena has assigned some optionality value to the company’s efforts to go into online gambling, but he said the company’s prospects in the business are “fairly dim.”
“If we saw one game that was really a hit for them that was translating onto mobile and was showing that they can monetize there, I think we’d feel completely different about the stock,” he said.
Zynga’s announcement also prompted Sena to lower his payments revenue estimates for Facebook, which derives a portion of its revenue from the online gaming company.
Although Facebook was able to reduce its reliance on Zynga after its first guidance cut earlier this year, it’s unclear whether the social networking giant will be able to do that again this quarter, Sena said.
—By CNBC.com's Katie Little; Follow Her on Twitter @katie_little
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