Zynga Losses Decrease as Revenue Increases

7th August, 0 replies

Zynga has released its earnings report for its second fiscal quarter. Revenue increased to $199.9 million and losses decreased from $62.5 million to $26.9 million.

These improved figures were partly due to the layoff of 18 percent of the company's work force, which is intended to help save $100 million annually by the end of the third quarter 2016.

"Our teams have been executing well and delivered strong Q2 results while also making significant progress against our best growth opportunities," said Zynga CEO Mark Pincus. "In terms of our core franchises - FarmVille, Slots, Poker and Words With Friends - we beat our expectations and the teams did a good job delivering value for our players. We also launched Empires & Allies and FarmVille: Harvest Swap in Q2, and are excited for the upcoming launches of Dawn of Titans, CSR2 and our new Slots game later this year."

"In terms of our people, we've made progress in moving to smaller game teams. We believe this will allow them to be more nimble, creative and innovative. We're also continuing to add talent and leadership with our appointment today of Frank Gibeau, one of the top strategists in mobile gaming, to our Board of Directors."

For the next quarter Zynga expects revenue of between $175 million and $190 million, and a loss of between $23 million and $31 million.

Source:

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