Zynga jumps on revenue beat; founder steps back

Zynga headquarters in San Francisco.
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Zynga reported a quarterly loss that was in line with analysts' expectations on Wednesday, while its revenue surpassed projections, sending shares higher in after-hours trading.

The company also said founder Mark Pincus would step down from his operational role as chief product officer, but would remain chairman of the board.

Following the earnings announcement, Zynga's shares rose as much as 5 percent after the bell. What is Zynga stock doing now? (Click here to get the latest quote.)

The creator of "FarmVille" and "Words With Friends" posted a first-quarter loss of 1 cent per share on $161 million in revenue generated from bookings.

Analysts had expected Zynga to report a quarterly loss of a penny per share on $147 million in bookings revenue, according to a consensus estimate from Thomson Reuters.

The social game maker is coming off a fourth quarter where it beat Wall Street's expectations, yet laid off 15 percent of its workforce.

Amid intensifying competition in the mobile gaming sector, Zynga recently launched a sequel to "FarmVille," the wildly popular Facebook game and its flagship application.

—By CNBC.com staff.