NEW YORK (TheStreet) -- Zynga (ZNGA) shares surged after the social game maker posted revenue that was better than forecast and founder Marc Pincus announced he was stepping down from chief product officer at the company, allowing CEO Don Mattrick to take over the San Francisco-based company entirely.
San Francisco-based Zynga lost a penny a share on $161 million in revenue for the quarter, at the company's high end of its previous guidance, as the company achieved sequential growth across bookings, adjusted EBITDA, audience and mobile bookings mix for first time in 2 years. Analysts surveyed by Thomson Reuters were looking for a loss of 1 cent a share on $147 million in bookings.
"In Q1 our teams delivered a solid start to the year against our strategic frame of growing and sustaining our franchises, creating new hits and driving efficiencies. We have established a strong base for 2014 and believe we are pacing well for a year of growth," said Don Mattrick, CEO Zynga in the press release. "For the first time in two years, our teams delivered sequential growth across our key performance metrics including bookings, Adjusted EBITDA, mobile bookings mix and audience."
Separately, Zynga announced founder Mark Pincus would step down from his role as chief product officer, but would still continue to be chairman of the board.
Shares of Zynga surged in pre-market trading, gaining 5.9% to $4.68.
For 2014, Zynga expects bookings to be between $770 million and $810 million, with adjusted EBITDA between $70 million and $100 million. The company expects non-GAAP earnings to be between 1 and 3 cents a share. Zynga did not give revenue guidance for the full year. Analysts are expecting Zynga to generate $780.4 million in revenue for the quarter, earning 1 cent share on a non-GAAP basis.
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