Zynga has released its earnings report for the third quarter. Revenue increased $1 million year-over-year to $176 million. That figure is notably higher than the forecasted $155 to $170 million.
Despite increased revenue the number of daily active users fell 21 percent to 19 million during the quarter. The number of monthly active users also fell 27 percent to 75 million.
Zynga also announced that CFO David Lee is leaving the company on December 11th, and chief accounting officer Michelle Quejado will take over as the new CFO.
"I believe Zynga is in a much stronger position today than it was when I joined the company, and I want to thank Mark for his partnership," said Lee. "We've moved the majority of our business to mobile and are focused on growing our new IP and existing franchises, while significantly reducing our cost structure."
"I'm proud of what our teams have accomplished and know that they, along with our interim CFO Michelle Quejado, will continue to focus on delivering long-term value for our shareholders while executing against our mission to connect the world though games."
Zynga CEO Mark Pincus made the following statement:
"I want to thank David for the leadership and commitment he has shown Zynga. Over the past six months, David and I have partnered on a number of key initiatives to strengthen the company's long-term position.
This has included our $100 million cost reduction program, our continued transition to mobile and, most recently, our $200 million stock buyback program. David will stay on until mid-December to manage the transition and work with our newly appointed interim CFO, Michelle Quejado, Zynga's chief accounting officer."
Source:
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