Zynga Restates First-Quarter Sales, Citing Accounting Change
This article is for subscribers only.
Zynga Inc., the online game developer that is planning an initial public offering, restated first-quarter results after finding a “material weakness” related to financial reporting.
As a result of the restatement, total sales increased by $7.5 million in the three months that ended March 31 to $243 million, while deferred revenue decreased by the same amount, San Francisco-based Zynga said today in a regulatory filing. The provision for taxes increased by $2.5 million, Zynga said.