Rotten Tomato Stocks
No Result
View All Result
  • News
    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

  • NYSE
    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

    DaVita Inc. stock falls Monday, still outperforms market

    DaVita Inc. stock falls Monday, still outperforms market

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

    AmEx Profits Fall 9% as Customers Fall Behind on Payments

    AmEx Profits Fall 9% as Customers Fall Behind on Payments

  • NASDAQ
    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Workhorse Group Inc. stock falls Monday, underperforms market

    Workhorse Group Inc. stock falls Monday, underperforms market

    World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

    World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

  • OTC
    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

  • TSX
    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    Bitcoin Is Falling: Should You Buy the Dip?

    Bitcoin Is Falling: Should You Buy the Dip?

    CN Rail Stock Is So Undervalued That it’s Absurd

    CN Rail Stock Is So Undervalued That it’s Absurd

  • News
    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

  • NYSE
    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

    DaVita Inc. stock falls Monday, still outperforms market

    DaVita Inc. stock falls Monday, still outperforms market

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

    AmEx Profits Fall 9% as Customers Fall Behind on Payments

    AmEx Profits Fall 9% as Customers Fall Behind on Payments

  • NASDAQ
    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Workhorse Group Inc. stock falls Monday, underperforms market

    Workhorse Group Inc. stock falls Monday, underperforms market

    World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

    World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

  • OTC
    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

  • TSX
    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    Bitcoin Is Falling: Should You Buy the Dip?

    Bitcoin Is Falling: Should You Buy the Dip?

    CN Rail Stock Is So Undervalued That it’s Absurd

    CN Rail Stock Is So Undervalued That it’s Absurd

No Result
View All Result
Rotten Tomato Stocks
No Result
View All Result

Zynga stock drops as outlook overshadows earnings beat, M&A momentum

Editorial Staff by Editorial Staff
August 5, 2021
0
Zynga stock drops as outlook overshadows earnings beat, M&A momentum

Zynga reducing San Francisco presence as it keeps hybrid workplace

Zynga Inc. shares dropped Thursday as the videogame publisher’s outlook overshadowed results that topped Wall Street estimates, amid continued M&A momentum and a move to reduce its physical presence in San Francisco.

Zynga ZNGA shares plummeted 16% after hours, following a 1.3% decline to close at $9.77. Zynga shares closed at their highest level in nine years on Feb. 19 at $12.18.

Zynga forecast revenue of about $665 million and bookings of $660 million for the third quarter, and revenue of $2.73 billion and bookings of $2.8 billion for bookings.

Analysts surveyed by FactSet had estimated revenue of $679.9 million and bookings of $718.1 for the third quarter, and revenue of $2.73 billion and bookings of $2.94 billion for the year.

For the second quarter, the company reported net income of $27.8 million, or 2 cents a share, compared with a loss of $150.3 million, or 16 cents a share, in the year-ago period.

Revenue rose to a record $720 million from $451.7 million in the year-ago quarter, and bookings rose to $711.9 million from $518.1 million a year ago.

Analysts surveyed by FactSet had forecast a loss of 2 cents a share on revenue of $679.9 million and bookings of $718.1 million.

Meanwhile, average mobile daily active users surged 87% to 41 million from a year ago, Zynga reported, while analysts expected 37.2 million.

While online gaming revenue surged a respectable 51% to $587 million, Zynga’s fastest-growing segment was built-in game ad revenue, which jumped 109% to a record $133 million.

Ads in most Zynga games are “watch to earn” ads, where a player receives in-game currency if they watch an ad instead of skipping it, Zynga Chief Executive Frank Gibeau told MarketWatch in an interview.

“As an ad product they’re pretty successful,” Gibeau said. “It’s what’s driving a lot of the growth inside of the overall gaming ecosystem, and it’s certainly something we’ve been a pioneer of.”

That surge in ad revenue was helped by Rollic, the Instanbul-based hyper-casual games publisher it acquired 80% of for $168 million, with plans to acquire the rest in a few years. Rollic passed the 1 billion-download mark over the quarter, the company said.

Zynga’s M&A momentum isn’t showing signs of slowing down. On Wednesday, Zynga closed its $250 million acquisition of mobile advertising and monetization platform Chartboost, adding a global audience of more than 700 million monthly users as well as “a broad network of advertising and publishing partners.”

The company said it had agreed to buy Beijing-based StarLark, which makes the mobile game “Golf Rival,” for $525 million in cash and stock, from Betta Games.

The company’s outlook includes Chartboost, but does not include the StarLark deal, which is expected to close in the fourth quarter.

Additionally, the company said it would book a charge of about $82 million in the third quarter, as it plans to “exit and sublease” its existing office space in San Francisco because of the “ongoing evolution of our workplace model.”

With a majority of staff working abroad and remotely outside of San Francisco and only about 30% of staff living in the city, Gibeau said Zynga has come to adopt a hybrid workplace model that has made its San Francisco office space obsolete.

“It’s just really overkill for what we need,” Gibeau told MarketWatch.

Zynga is moving to office space in San Mateo, Calif., that’s more central to its employees, while maintaining a smaller presence in San Francisco.

Gibeau said the company has not publicly released how much money the change will save the company but said the savings will justifies the charge going forward.

Back in 2019, Zynga sold its San Francisco building to Beacon Capital for about $600 million and leased it back, a move that some on Wall Street said would provide money for acquisitions.

Related Posts

Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading
NASDAQ

Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

January 31, 2023
Workhorse Group Inc. stock falls Monday, underperforms market
NASDAQ

Workhorse Group Inc. stock falls Monday, underperforms market

January 31, 2023
World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade
NASDAQ

World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

January 31, 2023
Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly
NASDAQ

Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

January 30, 2023
Load More
Next Post
McDonald’s (NYSE:MCD) Growth Remains Suppressed by Debt and Profit Margin Concerns

McDonald's (NYSE:MCD) Growth Remains Suppressed by Debt and Profit Margin Concerns

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

POPULAR NEWS

CNH Industrial (NYSE:CNHI) Use Of Debt Could Be Considered Risky

CNH Industrial (NYSE:CNHI) Use Of Debt Could Be Considered Risky

April 14, 2021
CN Rail Stock Is So Undervalued That it’s Absurd

CN Rail Stock Is So Undervalued That it’s Absurd

May 2, 2021
US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

June 17, 2021
Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

September 14, 2021
10 Warning Signs That Should Tell You “This Stock is in Trouble”

10 Warning Signs That Should Tell You “This Stock is in Trouble”

November 11, 2019

EDITOR'S PICK

BlackBerry (TSX:BB) Stock: Revenue Falls Short During Patent Sales

BlackBerry (TSX:BB) Stock: Revenue Falls Short During Patent Sales

April 6, 2021
Is Royal Caribbean Cruises (NYSE:RCL) Using Too Much Debt?

Is Royal Caribbean Cruises (NYSE:RCL) Using Too Much Debt?

September 6, 2022
Gold settles lower, slips beneath $1,800 to start Christmas week trade

Gold settles lower, slips beneath $1,800 to start Christmas week trade

December 21, 2021
Micron Technology Inc. stock falls Wednesday, underperforms market

Micron Technology Inc. stock falls Wednesday, underperforms market

December 15, 2022

Stay Updated

Get breaking news delivered straight into your inbox

Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Rotten Tomato stocks is a wholly-owned subsidiary of Grainne Capital Limited.
While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

Rotten Tomato Stocks cover the companies and markets that are declining, failing or headed for disaster. We help investors spot the down tends and recognize when something smells rotten.

RECENT POSTS

Stocks Sink as Markets Brace for Big Week With Fed, Earnings

Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

DaVita Inc. stock falls Monday, still outperforms market

POPULAR POSTS

Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

Workhorse Group Inc. stock falls Monday, underperforms market

© Copyright 2021 RottenTomatoStocks. All Rights Reserved 

Disclaimer | Privacy Policy

No Result
View All Result
  • HOME
  • NEWS
  • NYSE
  • NASDAQ
  • OTC
  • TSX

© 2021 RottenTomatoStocks.com

error: Content is protected !!
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.