Zynga Stock Up More Than 15% After Beating Q3 Earnings

What's This?

By Todd Wasserman2013-10-24 20:32:43 UTC

Zynga's third-quarter results came in better than analysts had expected, sending the company's stock up more than 15% in after-hours trading.

The company reported bookings of $152 million for the quarter and a loss of 2 cents a share, which beat the $142.7 million and the 4 cents, respectively, that Wall Street had predicted.

See also: 10 Best Indie Games on Android

The third quarter was the first one with new CEO Don Mattrick, who replaced Mark Pincus in July. The company also launched several new titles during the quarter, including Fairy Tale Twist, Ninja Kingdom and New Scramble With Friends. None were huge breakout hits on the order of FarmVille, which, along with Zynga Poker and Words With Friends, remain its most popular games.

Despite the good news, Zynga also reported that mobile bookings were $46 million compared to $51 million for the comparable quarter in 2012. Daily active users fell from from 60 million in 3Q 2012 to 30 million, down 49% year-over-year. The 3Q numbers come after several disappointing quarters. The company's stock price is down more than 60% from its all-time high (see chart).

Zynga also announced that it appointed Clive Downie as its new chief operating officer. Downie, who served as CEO of Japanese social gaming firm DeNA West, replaces David Ko.

ZNGA data by YCharts

Image: Getty/Justin Sullivan

Topics: Business, stocks, Zynga