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Zynga Reports Second Quarter 2013 Financial Results

By TechTaffy Desk

Zynga reported financial results for the quarter ended June 30, 2013.

Revenue was $231 million for the second quarter of 2013, a decrease of 31% compared to the second quarter of 2012 and a decrease of 12% compared to the first quarter of 2013. Online game revenue was $203 million, a decrease of 30% compared to the second quarter of 2012 and a decrease of 11% compared to the first quarter of 2013.

Advertising revenue was $27 million, a decrease of 33% compared to the second quarter of 2012 and a decrease of 19% compared to the first quarter of 2013. Bookings were $188 million for the second quarter of 2013, a decrease of 38% compared to the second quarter of 2012 and a decrease of 18% compared to the first quarter of 2013.

Net loss was $16 million for the second quarter of 2013 compared to a net loss of $23 million for the second quarter of 2012. Adjusted EBITDA was $8 million for the second quarter of 2013 compared to $65 million for the second quarter of 2012 and $29 million in the first quarter of 2013. Diluted EPS was 2 cents for the second quarter of 2013 compared to 3 cents for the second quarter of 2012.

As of June 30, 2013, cash, cash equivalents and marketable securities were approximately $1.53 billion, compared to $1.67 billion as of March 31, 2013. Cash flow from operations was  $0.6 million for the second quarter of 2013, compared to $67 million for the second quarter of 2012.

Don Mattrick  (CEO, Zynga): The next few years will be a time of phenomenal growth in our space and Zynga has incredible assets to take advantage of the market opportunity. To do that, we need to get back to basics and take a longer term view on our products and business, develop more efficient processes and tighten up execution all across the company. We have a lot of hard work in front of us and as we reset, we expect to see more volatility in our business than we would like over the next two to four quarters.

Zynga’s outlook for the third quarter of 2013 is as follows:

• Revenue is projected to be in the range of $175 million to $200 million.
• Net loss is projected to be in the range of  $43 million to $14 million.
• EPS is projected to be in the range of 2 cents to 5 cents, based on a share count of approximately 803 million to 813 million shares.

Zynga’s outlook for the full year 2013:

• Adjusted EBITDA margin is targeted to be in the range of 0% to 5%.

Upload: 07-28-13

 

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