Zynga shares endure a brutal day, dropping nearly 18% after first earnings report
Zynga’s shares endured a brutal day today, dropping almost 18 percent to $11.80, after the company’s first earnings report as a publicly-traded entity. That wiped out more than $1.7 billion from the company’s market capitalization.
Yesterday, Zynga did beat analysts estimates, with earnings of 5 cents a share excluding a massive, one-time $510 million charge related to the initial public offering. Analysts on average had estimated Zynga would earn 3 cents a share, according to a Bloomberg survey.
But
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