Whoa!!!
The press release:
finance.yahoo.com
Zynga Posts Surprise Loss, Shares Down More Than 30%
July 25, 2012, 4:34 PM
Zynga earnings just hit the Tape, they were bad, the outlook was worse, and the stock’s getting clobbered.
Shares were down 8% in late trading before the report even hit the Tape; they’re now down 41% at $2.99.
Facebook shares are down 6.6% as well, as investors worry about the read-through (company reports earnings tomorrow).
Zynga slashed its 2012 outlook. The company now projects adjusted EPS for the year of 4 cents to 9 cents, which is well, well below current Street consensus of 26 cents, according to FactSet.
The earnings were a salve by comparison. For the second-quarter, the company reported a loss of 3 cents a share, or a profit of 1 cents a share on an “adjusted” basis, on revenue of $332.5 million.
That’s off Street consensus, which was for earnings of 5 cents a share on revenue of $344 million.
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