NEW YORK ( TheStreet) -- Hit by weak offerings, losses and concerns over its future, Zynga (ZNGA - Get Report) is finally getting some good news from the world of investing. Activist investor Jana Partners revealed a large stake in the social gaming company, owning more than 25 million shares.
Shares of Zynga jumped more than 7% to $3.60 after activist investor Barry Rosenstein and his fund Jana Partners released its 13F filing earlier Wednesday.
In April, the San Francisco-based Zynga said second-quarter earnings would be worse than expected, as the company continues to try to transition to consumers ever changing needs."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," said CEO Mark Pincus in a recent press release. Zynga expects to lose between 3 and 4 cents a share in the second quartaer on revenue of $225 million to $235 million. According to a Thomson Reuters survey, analysts expect Zynga to lose 3 cents a share on $190 million in sales. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts