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Zynga earnings meet analyst expectations amid ongoing transition

Zynga is continuing to weather rough financial waters as it adjusts course to focus on mobile titles instead of the browser games that have long been its cash cow.
Zynga's latest earnings report suggests the company is continuing to weather rough financial waters as it adjusts course to focus on mobile titles instead of the browser games that have long been its primary source of revenue. For the quarter ended in September, the company reported bookings that were slightly above analyst expectations and revenue that met its forecasts for the year. "It has taken us some time to transform our business as we faced some execution challenges in the quarter," said CEO Don Mattrick. "2014 has been an investment year for us as we assembled a new leadership team, reorganized the company and reset our product pipeline." Mattrick pointed to growth in mobile bookings as an indicator that the company's strategy of investing in mobile games like Zynga Poker and New Words With Friends is starting to bear fruit. Bookings, which accounts for the value of virtual goods sold during the quarter, were up roughly 15 percent year-over-year to $175.5 million for the quarter, as analysts predicted. Mobile bookings account for 55 percent of that figure as the value of mobile bookings jumped 111 percent year-over-year. The company reported total quarterly revenues of $176.6 million, beating analyst expectations by a slim margin. Revenues were down 13 percent from $202.6 million for the same quarter a year prior. Zynga saw a Non-GAAP loss of $6.68 million during the quarter, an improvement over the $16.25 million loss it reported for the same period a year ago. The company's forecast for the year remains unchanged; it expects a $231 million to $214 million GAAP net loss for fiscal year 2014.

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