Zynga Loses $61m In Q1 2014

Zynga Loses $61m In Q1 2014Social game provider Zynga has released its financial results for the first quarter of 2014, revealing a 36% fall in revenues to $168 million, compared to Q1 of 2013. The company subsequently reported a loss of $61 million for the period, down from a $4 million profit in Q1 2013, although the latest result did include a $30 million restructuring charge.
Nevertheless, the market had expected Zynga to generate just $164 million in revenues and so after the result was released shares in the company initially rose by 5%, and are currently trading at $4.35. The company’s 52 week price range has varied between $2.50 and $5.89, and presently Zynga has a market capitalization worth $3.81 billion.
During Q1, Zynga’s monthly active users rose to 123 million from 112 million during Q4 2013, while its mobile monthly users increased by 45% compared to the previous quarter. This figure includes those of Zynga’s newly acquired mobile games maker NaturalMotion, which it bought for $527 million this year.
CEO Don Mattrick says he aims to have mobile gaming generate more than half the company’s revenue by the end of 2014, and only last week, Zynga launched its free for mobile game ‘FarmVille 2: Country Escape’, for iPhone, iPad and Android devices, which has already exceeded 4 million installs.
Putting a positive spin on Zynga’s latest quarterly results, Mattrick, explained: “In Q1 our teams delivered a solid start to the year against our strategic frame of growing and sustaining our franchises, creating new hits and driving efficiencies. We have established a strong base for 2014 and believe we are pacing well for a year of growth.”
The company has forecast its revenue figures to reach somewhere between $140 million and $160 million in Q2, with a loss of between $75 million and $85 million for the company.
In the meantime, Zynga founder Mark Pincus has left his operational position as chief product officer, and will now concentrate on his role as chairman of the board. CEO Mattrick described the organizational change as critical in order to “execute more nimbly against our strategic frame of grow and sustain, create new hits and drive efficiencies.”

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