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Zynga stock rises after sales beat

By Max A. Cherney

Analysts surveyed by FactSet had estimated losses of 6 cents a share on bookings of $365 million

Zynga Inc. shares rose less than 1% in the extended session Wednesday after the company brought in more revenue than consensus estimates.

The company reported second-quarter net losses of $56 million, or 6 cents a share, compared with losses of $911,000, or zero cents a share, in the year-ago period. Revenue rose to $306.5 million from $265.4 million in the year-ago period.

Zynga reported bookings rose 61% to $376 million. Bookings is a common financial term used by videogame companies that reflects changes in deferred revenue.

Analysts surveyed by FactSet had estimated losses of 6 cents a share on bookings of $365 million.

For the third quarter, analysts model adjusted earnings of 5 cents a share on bookings of $368 million.

Zynga said it expects third-quarter revenue of $325 million and bookings of $380 million. It expects net income of $250 million, including a one time gain of $305 million from the sale of its headquarters in San Francisco.

   Zynga (ZNGA) stock has gained 62% this year, with the S&P 500 index   rising 20.2%. 

-Max A. Cherney; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

07-31-19 1629ET

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