Zynga Plunge Drags Facebook as Gaming Results Miss Estimates
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Zynga Inc., the biggest developer of games played on Facebook Inc.’s social network, fell the most since its December initial public offering after missing analysts’ second-quarter revenue and profit estimates.
The shares fell 37 percent to $3.18 at the close in New York, leaving the stock down 68 percent since its IPO. Facebook, which posted its first quarterly results as a public company after the market closed today, tumbled 8.5 percent to $26.85 in response to Zynga’s report.