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Zynga Plunges, Faces Q2 Losses

Stocks in this article: ZNGA

NEW YORK ( TheStreet) -- Zynga (ZNGA ) predicted losses per share in the second-quarter as the online social games maker struggles to adapt to consumers' growing taste for mobile-based games.

"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," Mark Pincus, the CEO and founder Zynga, said in a statement. Pincus recently cut his salary to $1 in response to company's mountain challenges to growth.

The company is forecasting second-quarter loss of 3 cents to 4 cents a share on revenue of $225 million to $235 million. The Wall Street consensus target was loss of a penny on revenue of $232.05 million, according to a Thomson Reuters survey.

In the first-quarter, Zynga was able to beat forecasts, reporting earnings per share of a penny, beating forecasts by four cents. Sales totaled $230 million versus the expected $210 million.

"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," Pincus added.

Shares were plunging 13.22% to $2.90 in extended-hours trading.

Written by Andrea Tse in New York

>To contact the writer of this article, click here: Andrea Tse.

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