Zynga Reports Second Quarter Loss
Even though revenues for Zynga are up compared to last year, the company is still reporting a $22.8 million net loss for the second quarter.
Overall, revenue income was reported at $332.4 million, which was up 16 percent from last year. However, last year the company reported a $1.3 million profit during the same time as it reports a $22.8 million loss.
Zynga also has lowered its outlook for the rest of the year due to “delays in launching new games, a faster decline in existing web games due in part to a more challenging environment on the Facebook web platform, and reduced expectations for Draw Something.”
“We also faced new short-term challenges which led to a sequential decline in bookings,” Zynga CEO and founder Mark Pincus said. “Despite this, we’re optimistic about the long-term growth prospects on mobile where we have a window of opportunity to drive the same kind of social gaming revolution that we enabled on the web.”