Home Trending Stocks Zynga Inc. (ZNGA) stock rises in the Pre-Market: What’s going on?

Zynga Inc. (ZNGA) stock rises in the Pre-Market: What’s going on?

Zynga Inc. (ZNGA) announced its first-quarter 2021 financial results after which the ZNGA stock happened to be green after underperformance in the last trade. ZNGA stock price saw a push of 5.33% to reach $10.68 a share as of this writing. The stock price went down for Zynga stock by 0.49% at the previous closing. Let’s have a brief look at current scenarios.

Financial Results:

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  • Zynga Inc. (ZNGA), which is the social game services provider in the United States and the globe, generated $680 million in revenue representing 68% YoY growth. Amount from bookings totaled $720 million representing 69% growth in the same period of the prior year.
  • BNGA stock generated $557 million user-pay revenue and user-pay bookings of $596 million which represents a 62% and 63% respectively increase over the year.
  • ZNGA stock reported $0.08 earnings per share as compared to $0.01 earnings per share in the same period of the prior year.
  • Sales of $2.9 billion on an adjusted basis in 2021 have beaten the February forecast of $2.8 billion as well as the $2.82 billion average of the analysts’ estimates.
  • GAAP gross margins for ZNGA stock decreased to 62% of revenue from 64% in Q1 2020 partially due to higher amortization of acquired assets and partially due to net increase in deferred revenue.
  • Net loss was recorded $23 million which is $27 million better than the guidance. This decrease in the net loss is mainly due to less than expected increase in deferred revenue, strong operating performance, and high income of Zynga stock.
  • Adjusted EBITDA for ZNGA stock reached $123 million which represents $23 million more than the guidance.

Developments by Zynga Inc:

  • Addition of Toon Blast, Toy Blast, and Rollic’s hyper-casual resulted in 38 million mobile daily active users representing an 85% increase YoY and 164 million monthly mobile active users representing a 139% increase YoY for ZNGA stock.
  • Zynga stock launched Puzzle Combat worldwide in April and is expected to release FarmVille 3 and Star Wars: Hunters™ worldwide soon.
  • ZNGA announced Star Wars: Hunters, the first Zynga cross-platform, and acquired  Echtra Games which is the development team of professionals with extensive cross-platform play tools.
  • ZNGA stock also announced the agreement in order to acquire Chartboost which is the leading monetization and mobile advertising platform with more than 700 million monthly active users.

Conclusion:

Investors are responding to the financial results announced by the ZNGA stock. Financial results show significant development of Zynga stock over the year. In short, ZNGA stock can be a good bet for investors in the future.

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