Zynga is taking its lumps on Wall Street this week following disappointing earnings for Q1 2013.
The top global provider of social game services, Zynga said its revenue tumbled 18 percent year-over-year to $264 million. Q1 2013 net income was $4 million, not staggering but certainly better than the net loss of $85.4 million for the first quarter of 2012.
Although Wall Street had expected Zynga to perform worse during Q1, the report didn’t do much to inspire investors. And some analysts are blaming unfavorable forecasts for the shaky investor reaction to Wednesday’s earnings report.
“We’re not measuring the progress to get there in short-term results that are short-lived,” CEO Mark Pincus said after the report was issued.
“2013 will continue to be a transition year,” Pincus stated in the earnings report, “as we face the challenging environment on the web and invest in developing the leading franchises and network across web and mobile platforms and offer our 253 million monthly players a connected experience that can follow them from work to school to home and anywhere in between.”
