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Zynga reports positive net income

American social and media gaming firm has seen improvement despite first-quarter revenues falling by 18 percent year-on-year to $263.6 million.

Friday 26th April 2013

American social and media gaming firm Zynga Incorporated has released its financial results for the first quarter of 2013 showing that it experienced an 18 percent year-on-year drop in revenues to $263.6 million. The San Francisco-based firm behind the web and downloadable ZyngaPlusPoker and ZyngaPlusCasino real-money online gambling brands in the UK revealed that first-quarter revenues had decreased by 15 percent when compared with the previous three months while the numbers of daily active users fell by 21 percent year-on-year to 52 million. Continuing the trend, Zynga reported that online game revenues declined by 22 percent year-on-year to $229.6 million although advertising brought in 21 percent more when compared with the same period in 2012 at $34 million. However, Zynga stated that net income for the initial quarter of the year was in the black to the tune of $4.1 million, which was favourable when compared to its $85.4 million deficit for the same period in 2012, with this figure encompassing $29.9 million of stock-based expenses contrasted against $133.9 million for the first quarter of last year. Zynga declared that its adjusted earnings before interest, tax, depreciation and amortisation for the three-month period amounted to $28.7 million, which compared to $86.8 million for the first quarter of last year and $45 million over the final three months of 2012, while its operational cashflow diminished by $52.4 million year-on-year to stand at $26.4 million. But, Zynga revealed that it holds $1.67 billion in cash, equivalents and marketable securities as opposed to $1.65 billion as of December 31 despite its free cashflow for the first quarter of 2013 shrinking by 47 percent year-on-year to $23.2 million. “We are encouraged by the strong execution from our teams and the breakout hit performance of FarmVille 2, which captures the imagination of nearly 40 million players every month,” said Mark Pincus, Chief Executive Officer for Zynga. “2013 will continue to be a transition year as we face the challenging environment on the web and invest in developing the leading franchises and network across web and mobile platforms and offer our 253 million monthly players a connected experience that can follow them from work to school to home and anywhere in between.”

Source: OnlineCasinoNews

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