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Zynga Inc.
ZNGA, -2.65%
Shares surged more than 7% Wednesday after trading hours, despite a shortfall, as the company posted strong orders and increased its revenue guidance for the year. Zynga reported a loss of $ 128.8 million in the first quarter, or 14 cents per share, on a business turnover of $ 265.4 million, up from $ 208.2 million in the first quarter. same quarter last year. The video game company recorded $ 359 million in bookings, representing agreements for future activities, up substantially from $ 162 million a year ago. After stock-based compensation and other effects adjustments, Zynga reported a loss of 7 cents per share, down from adjusted earnings of 3 cents per share in the prior year. Analysts expect Zynga to average an adjusted earnings of 5 cents per share on a $ 328 million business figure, according to FactSet. Zynga has added $ 50 million to its annual revenue forecast of $ 1.2 billion and $ 100 million to its forecast of reservations, for a total of $ 1.45 billion. In a letter to investors, the Company allocated the quarterly losses to an increase in deferred revenue, which will be recognized later. Zynga shares closed at $ 5.66 Tuesday, their highest level in five years, but lost 2.7% Wednesday ahead of the results. The stock rose 57.2% over the past year, while the S & P 500 index rose 11%.
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