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Last Update: 25-Apr-13 07:49 ET
Zynga shares fall 9% following downside guidance
Zynga (ZNGA $3.03 -0.32) reported first quarter earnings of $0.01 per share, excluding non-recurring items (Co guided to ($0.05)-(0.04) on Feb 5), $0.05 better than the Capital IQ consensus of ($0.04), while revenues fell 17.9% year/year to $263.6 million versus the $264.77 million consensus. Co issued downside guidance for the second quarter with EPS loss of ($0.04) - ($0.03), excluding non-recurring items versus the ($0.01) Capital IQ consensus and revenues of $225-235 million versus the. $261.72 million consensus. Daily active users (DAUs) decreased from 65 million in the first quarter of 2012 to 52 million in the first quarter of 2013, down 21% year-over-year. On a consecutive quarter basis, DAUs were down 8% from 56 million in the fourth quarter of 2012. Monthly active users (MAUs) decreased from 292 million in the first quarter of 2012 to 253 million in the first quarter of 2013, down 13% year-over-year. On a consecutive quarter basis, MAUs were down 15% from 298 million in the fourth quarter of 2012. Monthly unique users (MUUs) decreased from 182 million in the first quarter of 2012 to 150 million in the first quarter of 2013, down 18% year-over-year. On a consecutive quarter basis, MUUs were down 10% from 167 million in the fourth quarter of 2012. Bookings were $229.8 million for the first quarter of 2013, a decrease of 30% compared to the first quarter of 2012 and a decrease of 12% compared to the fourth quarter of 2012. Q2 Bookings are projected to be in the range of $180 million to $190 million. Q2 Adjusted EBITDA is projected to be in the range of ($10) million to break even "We are encouraged by the strong execution from our teams and the breakout hit performance of FarmVille 2, which captures the imagination of nearly 40 million players every month....2013 will continue to be a transition year as we face the challenging environment on the web and invest in developing the leading franchises and network across web and mobile platforms and offer our 253 million monthly players a connected experience that can follow them from work to school to home and anywhere in between."
