Zynga’s quarterly bookings beat estimates

"FarmVille" game maker Zynga Inc reported higher than expected bookings in the first quarter, helped by its slot machine-based games and "Words With Friends".

Shares of the company rose 11.7 per cent to $2.57 in after-market trading on Wednesday. Bookings were $182 million in the quarter ended March 31st. Analysts on average had expected $161.8 million, according to research firm FactSet StreetAccount. Bookings, an important metric indicating future revenue, include the sales of virtual goods such as currency and lives.

In the first quarter, the company launched games such as “Willy Wonka and the Chocolate Factory Slots”, “Crazy Cake Swap” and “Vegas Diamond Slots”.

The company’s net loss narrowed to $26.6 million from $46.5 million, helped primarily by a tight leash on costs and expenses.

Zynga, whose "FarmVille" once dominated games played on Facebook, named Electronic Arts Inc veteran Frank Gibeau as chief executive in March to spearhead its transition to a mobile-focused games maker.

Gibeau has a track record of managing EA’s mobile franchises such as “Plants vs Zombies” and getting games shipped on time.

Zynga also said it expected to release its long-delayed action-strategy games “CSR2” and “Dawn of Titans” in the third and fourth quarters, respectively.The games were originally scheduled to be launched in the fourth quarter of 2015.

– (Reuters)