|Zynga reported first-quarter results on Thursday.|
SAN FRANCISCO ( TheStreet) -- Zynga ( ZNGA) enjoyed a 32% revenue hike in its first-quarter results, released after market close on Thursday, although the company registered a loss thanks to rising costs. The social gaming specialist brought in revenue of $321 million, up from $243 million in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for sales of $317.3 million.
On a GAAP basis, however, Zynga reported a loss of $85.4 million, or 12 cents a share, down from net income of $16.8 million in the same period last year. In a statement released after market close, Zynga said that $133.9 million of stock-based expense was included in the net loss for the March quarter, compared to $14.5 million in the prior year's quarter. Excluding items, Zynga earned 6 cents a share, compared to 11 cents a share in the year-ago quarter. Wall Street expected earnings of 5 cents a share. "We're pleased with the progress that Zynga has made in the first quarter growing our audience reach 25% year-over-year and nearly 20% quarter-over-quarter," said Mark Pincus, the Zynga CEO, in the statement. Investors, however, were unimpressed with Zynga's second report as a public company, pushing the company's stock down 4.5% to $9 in extended trading. For the full year, Zynga expects earnings of 23 to 29 cents a share, compared to the analysts' forecast for a profit of 27 cents a share. The San Francisco-based firm also predicts full-year bookings between $1.425 billion and $1.5 billion. -- Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.