Zynga Inc. Q3 Beats Rev Views; Losses In Line

Zynga Inc. ZNGA beat third-quarter revenue expectations Thursday and posted a loss in line with Wall Street's views. The Santa Clara, Calif., social game services company gained 6 percent in the extended session, trading recently at $2.50 a share. Zynga's daily active usersfell 13 percent in the third quarter to 26 million, from 30 million a year earlier. Chief Executive Don A. Mattrick said the company "had some challenges" in the recent period "as we navigate through this time of transition." The company hasn't had a major hit product in two years. Zynga offered a fourth-quarter forecast in line with expectations, calling for adjusted results between a loss of $0.01 a share and earnings of $0.01 a share, on revenue of $170 million to $200 million. Wall Street expects break-even per share on revenue of $200.1 million. The company's third-quarter loss widened to $57 million, or $0.06 cent a share, from $68 million, or break-even a share in the year-earlier period. Revenue fell to $176.6 million, from $202.6 million last year. Adjusted results equaled a loss of $0.01 cent per share. Wall Street expected a loss of $0.01 cent a share on revenue of $171.7 million. Read more: http://www.nasdaq.com/press-release/zynga-announces-third-quarter-2014-financial-results-20141106-01707#ixzz3IKVGUqPO