Zynga Releases Q2 Report, Cuts Back Forecasts

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Zynga has released its second quarter earnings results, reporting revenues of $332 million which fall short of analyst expectations of $343 million. Acknowledging the trend, but perhaps worryingly, Zynga also cut back its forecasts for bookings this year (its revenues minus its Facebook fees, the New York Times explains) from $1.47 billion to $1.15 billion. Part of the reason behind Zynga's disappointing results is its purchase of Draw Something maker OMGPop for $183 million earlier this year, as the game's initial rush of popularity seems to have fizzled. It's the company's second earnings report since it went public in December. Facebook itself is about to reveal its first quarterly earnings since its May IPO later today, but the Washington Post notes Facebook's share price is being dented by Zynga's news. 

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