Zynga Posts Smaller Third-Quarter Loss, Names Downie COO
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Zynga Inc., reporting on its first quarter under Chief Executive Officer Don Mattrick, recorded a smaller-than-expected loss as purchases of items used in games exceeded the company’s forecast. The shares jumped.
The third-quarter loss, excluding items, amounted to 2 cents a share, the San Francisco-based maker of “Farmville” said yesterday in a statement. Analysts had forecast a loss of 4 cents, the average of 23 estimates compiled by Bloomberg. Revenue slid to $202.6 million from $316.6 million a year ago, beating analysts’ projections of $190.2 million.