San Francisco based social games provider Zynga Inc. (ZNGA) has posted a dramatic Q2 2014 net loss of $62.5 Million compared to last year’s loss in the same period of $15.8 Million.
The Q2 loss, much of which can be contributed to the decrease in popularity of such games as Farmville, has meant that the company have slashed their forecast for the year. The company now predicts bookings for the year to be $695-725 million instead of the forecasted $810 Million. Zynga’s stock fell 19 cents to $2.73 upon news of the results. Zynga shares have dropped 88 cents to $2.92 since the beginning of the year.
CEO Don Mattrick stated, “I do believe that we can do better in terms of top-line revenue and profitability inside the company, but, you know, that will come in 2015 and beyond.” There is obviously some things that I wish we could have compressed time against.”
Not all is bad news for Zynga as their mobile revenues have past that of their desktop revenues with their monthly active users up 34% year and year. In addition, Zynga have announced partnerships with both the NFL and Warner Bros to create new titles based on Looney Tunes characters as well as mobile football games.
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