Zynga announced its 3rd quarter results on Thursday, some good news for investors see a 12% rise in stock value, but they continue to lose players.
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The word on the financial markers is that Zynga shares have sky rocketed since they released their 3rd Quarter results under their new CEO Don Mattrick. Sales were slightly better than expectations and shares reached nearly a 15% increase @ $4 a share.
The troubled social games company beat analyst forecasts for third-quarter revenue and losses on net income.
Despite beating estimates, Zynga reported revenue of $203 million, a 36% decline compared with the same period a year ago. Zynga also logged deflated bookings of $152 million, down 40% from a year ago.
The company reported a net income loss of $68,000 compared with the $52.7 million loss in net income a year ago. Wall Street was bracing for a loss of $35.6 million in net income on revenue of $142.7 million for the quarter, according to the survey of estimates from Thomson Reuters.
It's still far too early to say the sinking ship is starting to float again, but encouraging signs for any business and the real understanding of what the new CEO may be doiing will come over the following six months as the new company strategy starts to take effect in all areas.
I personally feel it was a bold and right move to replace Marc Pincus as CEO, but let us not forget he still holds the majority of shares in the company and will no doubt be monitoring with a close eye on these and future results.
Mattrick is turning to an old colleague to help him in his attempt to engineer a turnaround. Zynga said Thursday that Clive Downie will become its chief operating officer beginning Nov. 4.
Downie, 41, is defecting from a mobile game maker called DeNA, but he and Mattrick previously worked together at video game maker Electronic Arts Inc. Zynga will tap into Downie's expertise in mobile games as it tries to connect with more people on smartphones and tablet computers. The company's biggest hits, such as "FarmVille" and "Mafia Wars," have primarily been played on desktop and laptop computers that have been declining in use.
McLaren (aka KC) has been involved in coding Mafia Wars scripts since 2009, even when Zynga tried to stop him he would not give up. OCD Scripting RX6MWAP. If it's fixed, he'll bork it in some way or another.
Fav Sayings: "If it works, bork it!!" "Keeeeeeeeeel everyone!"
Other than that, he works as an IT Consultant in Security, Web Design, Development, walks the rat dog 6 times a day and lives in Croatia with his beautiful wife.
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