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Zynga stock jumps despite rising earnings with increasing annual forecast



Zynga Inc.

ZNGA, -2.65%

Shares shot up 7% in after-hours trading Wednesday despite a loss of earnings. Zynga reported a loss of $ 128.8 million, or 14 cents per share, for the first quarter, with revenues of $ 265.4 million, compared to $ 208.2 million a year ago. The video game company reported $ 359 million in bookings representing future business deals, a significant increase from $ 162 million in the prior year. Adjusted for stock-based compensation and other effects, Zynga demanded a loss of 7 cents per share, compared to an adjusted result of 3 cents a year. On average, analysts expect Zynga to report an adjusted profit of 5 cents and revenues of $ 328 million, according to FactSet. Zynga increased its annual revenue forecast by $ 50 million, which is $ 1

.2 billion and its booking guidance is $ 100 million, or $ 1.45 billion. In a letter to investors, the company attributed the quarterly losses to an increase in deferred revenue to be recognized later. The Zynga stock closed at $ 5.66 at a 5-year high on Tuesday, but fell 2.7% ahead of the earnings report on Wednesday. The stock gained 57.2% last year as the S & P 500 index rose 11%.

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