Tags: zynga | social | internet | loss

Zynga Shares Tumble on Loss Warning, Weak Outlook

Thursday, 04 Oct 2012 05:12 PM

 

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Zynga Inc warned on Thursday it will post a hefty loss in the third quarter and reduced its outlook for 2012, blaming launch delays and lowered expectations for recent games such as "The Ville". Its shares tumbled in late trading.

The social games maker behind Facebook game "Farmville" has struggled to stop user losses and drive growth on mobile devices. The company estimated a third-quarter loss of 12 to 14 cents.

Also, it is now projecting 2012 adjusted earnings before interest, tax, depreciation and amortization of $147 million to $162 million, versus $180 million to $250 million previously.

In aftermarket trading Thursday, Zynga shares were down 17 percent at $2.35. The stock rose less than one percent during regular Nasdaq trading.

© 2014 Thomson/Reuters. All rights reserved.

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