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Technology Stocks : Zynga, Inc.
ZNGA 3.78-1.0%Dec 8 8:10 PM ESTNews

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From: Glenn Petersen2/12/2015 5:26:14 PM
   of 343
 
ZNGA disappoints.

The press release: finance.yahoo.com

Zynga (ZNGA) Stock Plummets in After-Hours Trading Today on Revenue Miss, Lower Guidance

BY Sebastian Silva
TheStreet.com
02/12/15 - 04:38 PM EST

NEW YORK ( TheStreet) -- Shares of Zynga ( ZNGA - Get Report) are plummeting in after-hours trading today, down 11.65% to $2.35, after the company reported fourth quarter revenue that missed analysts' estimates, and guidance that was below expectations.

For the fourth quarter, the San Francisco-based social games company broke even on earnings and reported revenue of $193 million. Analysts polled by Reuters expected the company to break even on earnings and report revenue of $201.11 million.

For the full year, the company met expectations of a net loss of 1 cent per share, while revenue of $690 million missed full year estimates of $711.93 million.

Guidance for the 2015 first quarter was lower than expected. Zynga now expects a net loss of 3 cents to 2 cents per share and revenue in the range of $155 million to $165 million. Reuters estimates were looking for the company to break even again on earnings and have revenue of $200.87 million. Zynga also announced the closure of its Zynga China studio, which will affect all 71 employees in the Beijing-based studio and result in an annualized cost savings of $7 million. Separately, TheStreet Ratings team rates ZYNGA INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: "We rate ZYNGA INC (ZNGA) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and disappointing return on equity."



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