Zynga Q1 Loss Narrows; Lifts FY Revenue Outlook

(RTTNews) - Zynga Inc. (ZNGA) reported that its first-quarter net loss narrowed to $23 million or $0.02 per share from $103.9 million or $0.11 per share in the prior year.

Total revenue for the quarter grew to $680.3 million from $403.8 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share and revenues of $685.98 million for the quarter. Analysts' estimates typically exclude special items.

Zynga agreed to acquire Chartboost, a mobile advertising and monetization platform, for about $250 million in cash.

It is anticipated to close the transaction in third-quarter 2021. Chartboost is expected to be immediately accretive to Zynga while unlocking additional growth and margin expansion opportunities in 2022 and beyond.

For the second-quarter, the company projects $675 million in revenue, up $223 million or 49% year-over-year, with bookings of $710 million, up $192 million or 37% year-over-year.

Looking ahead for 2021, the company now expects to deliver revenue of $2.7 billion, up $725 million or 37% year-over-year, and bookings of $2.9 billion, up $630 million or 28% year-over-year. It represents an increase of $100 million to both revenue and bookings versus prior guidance.