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Zynga Releases Q2 Report, Cuts Back Forecasts
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Zynga [3] has released [4] 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 [5]) 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 [6] 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 [7] itself is about to reveal its first quarterly earnings since its May IPO later today, but the Washington Post notes [8] Facebook's share price is being dented by Zynga's news.
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