Zynga Inc (NASDAQ:ZNGA) shares down by 14%


Dallas, Texas 07/29/2013 (Financialstrend) – Zynga Inc (NASDAQ: ZNGA) on last Friday announced that it stops the plan to get licence for real-money gambling in the US this plan is abandon to concentrate more in new strategy to revive its profitability, Don Mattrick CEO said this during the company’s earnings call for the second quarter, COO David Ko commented that Zynga is in transition and the decision to abandon real-money gambling is mainly to focus on new strategy. The company announced second quarter results for the three month ending June 30, it was reported a loss of $1 cent per share on revenue of $231 million, it was expected to make loss of 4 cents per share. Despite the negative results in earnings and revenue, Znnga Inc shares have grown by 50%.

Recently the stock of Zynga Inc (NASSAQ: ZNGA) was rated as strong buy by analyst of zack, the stocks were upgraded as there is change Zynga Inc’s top management. Don Mattrick who was former Microsoft xbox division’s head joined Zynga Inc as its CEO as the company is seeing continues fall in its  shares and as it lost its first position to Kings in Facebook these steps are taken.

The share of Zynga Inc (NASDAQ:ZNGA) was bearish by 14.00% on Friday to close down for the day with $3.01 per share. The company had recorded the trading day low price of $2.85 and high price of $3.02 on Friday. For the last twelve months of trading, the low price of the stock is at $2.09 and high price of the stock is at $4.03 per share. Currently there are 793.33 million shares of the company outstanding in the market and 33% institutional ownership. The trading volume of the company on Friday was 80.41 million shares and the trading volume over the past 30 days of the company was 22.30 million shares per day. The total market value of the company is 2.39 billion.