Dallas, Texas 11/15/2013 (Financialstrend) – Since the issue of ZyngaInc (NASDAQ:ZNGA)’s IPO (initial public offerings) and also with the exit of Mark Pincus, who is a CEO and co-founder of the company, the company has been struggling. Mark Pincus have left the position to allow new management to give some break-through to the company from the current lows. Gamers who are serious, doesn’t give much regard to the social games and as a result such games come and go like a whim.
Focusing on Mobile gaming:
Don Mattrick, who is a Chief Executive Officer (CEO) of the company, is focusing upon the revamping of mobile gaming. ZyngaInc (NASDAQ:ZNGA)takes out from its previous plans of launching into the real money gambling market, and in its place it is focusing more on the mobile gaming market. The CEO is of the opinion that the actual problem with the company’s reducing user base is with its ‘execution’ in spite of the fact that the core mobile gaming sector is still rising.
It is predicted that the global mobile games market will rise to 27.3% per annum to $23.9 million by 2016. Also out of 1.2 billion gamers around 78% or 966 million play games online. So far, the company has attained only limited success with mobile games.
Zynga Inc (NASDAQ:ZNGA) have appointed Clive Downie as its new COO. Before joining, ZNGA Clive Downie has worked with mobile gaming company DeNA and he is expecting to take ahead mobile games for the company.
Q3 performance of the Company:
For the recent quarter, the company performed more than its expectations, and it gives little confidence to investors. Revenue of the company for the 3rd quarter reduced by 36% year over year to $202.3 million and the non-GAAP revenue of the company came to $142.7 million. By cutting jobs, the company reduced its losses.
Price update:
Zynga Inc (NASDAQ:ZNGA) showed a volume of 29.27 million shares by the end of last trade whereas the average volume of the stock remained 22.36 million shares. The stock opened the session at $3.83 and then closed at $3.91 with an increase of 2.62%.
