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'We aspire to do better': Zynga releases lukewarm financials

'We aspire to do better': Zynga releases lukewarm financials

August 7, 2014 | By Kris Graft

Zynga has been working to reposition a business that was traditionally focused on desktop browsers to one that is able to compete on mobile devices. But the ongoing transition isn’t easy.

For the quarter ended in June, the company announced revenue that missed analyst expectations, and lowered full-year guidance for bookings.

"While our quarterly financial results were in line with our guidance range, we aspire to do better and improve execution across our business,” said CEO Don Mattrick, who took the reins at Zynga this year after leaving his executive role at Xbox.

“We are purposefully competing, and while we would like to be further along, we believe we are making the right decisions to grow our business and unlock long term shareholder value,” he added.

The company reported non-GAAP quarterly revenues of $153 million, missing analyst expectations of $191 million. Revenues were down from $231 million for the same quarter a year prior.

Non-GAAP profits were $3 million, better than the $6 million loss for the same quarter a year ago.

Bookings, which measure virtual item sales, were down 7 percent for the quarter to $175 million.

In light of that performance, Zynga reduced its full-year expectations for bookings to be between $695 million and $725 million, which is down from the previous guidance range of $770 million to $810 million.

Mattrick has high hopes that investment in new games, including partnerships with Tiger Woods and the NFL, will boost Zynga in the months ahead.

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