Thu, Oct 25, 2012 | 06:00 BST
Zynga shares up 13% after better-than-expected Q3
Although it posted a third successive quarter of loss, Zynga beat analyst expectations to win back a little love from investors.
Zynga posted a 3% year-on-year increase on quarterly revenues at $137 million, and a 17% year-on-year increase on nine months year to date at $970 million.
Unfortunately, it didn’t turn a profit, copping to a $52,725 loss over the course of the third quarter, down from a $12,540 profit in the same quarter of 2011, bringing its total losses for the year to date to $160,887.
Nevertheless, Wall Street reacted favourably; after the social publisher lowered its expectations, its stock became virtually worthless, but the decision to own up ahead of time paid off as the company pushed past its forecasts.
Zynga also made significant staff cuts this week, which may have convinced investors it’s ready to turn around.