Following the news that Facebook will soon make its Wall Street debut
, stock prices for social gaming company Zynga have taken a healthy turn, and are now sitting well above the company's initial share price of $10.
This is a considerable improvement for Zynga, as its stock floundered
out of the gate in December
, and until now had yet to gain much momentum. With the share price up roughly 16.84 percent
to $12.39 after market close, this marks the first time the company has been securely in the black on the stock market.
This recent boost comes alongside Facebook's recent announcement that it plans to enter the market with an IPO of $5 billion -- a healthy sum, despite falling short of the rumored $10 billion
The Facebook announcement is particularly significant for Zynga, as the major social network also revealed that Zynga accounted for $455 million of its revenue in 2011, a full 12 percent of Facebook's total $3.7 billion generated.
Zynga, of course, also depends on Facebook as one of its primary game platforms, and with the companies being so interdependent, it's no surprise that Facebook's impending IPO has coincided with a boost for Zynga's shares.
Prior to this jump, Zynga's stock came close
to hitting its all-time low in January after the company released two new titles: the hidden object game Hidden Chronicles
and the competitive word game Scramble With Friends