Zynga posts record-breaking earnings for Q1 2019

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Zynga posts record-breaking earnings for Q1 2019

Postby mmogame » Tue Sep 10, 2019 6:28 pm

In Q1, gaming company Zynga Inc reported 27% growth in revenues to $265 million, benefiting from the strength of its live mobile services as well as a 64% jump in bookings. However, the top line missed the projection set by analysts, which was pegged at $327.07 million. While mobile revenue grew 35% year-over-year to $246 million, mobile bookings grew 77% to $341 million.

The quarter reflected Zynga’s highest mobile revenue and bookings quarter ever. Bookings are expected to hit $1.45 billion for the year, up 50 percent from a year ago and up $100 million from previous guidance. That puts Zynga on track for its strongest annual revenue since 2012 and the highest bookings in Zynga’s history. Gibeau said the company will also launch new games in the second half of 2019 that will help it grow in 2020 and beyond. By the way, you can buy Cheap Zynga Chips from 777chips.com, where you can enjoy a huge discount and fast delivery.

Looking forward, Zynga is optimistic about its ability to maintain its current momentum. There are a few games themed around licensed properties like Harry Potter and Game of Thrones on the horizon that Kim feels will do well for the company, despite the weight that comes with such an undertaking.

The company expects its topline performance to be similar in Q1 and Q2, driven primarily by live services. In the second half of the year, the company expects to layer in additional growth from the new game launches as well as a seasonal lift in advertising. Zynga anticipates low double-digit revenue and bookings growth in 2020, with greater operating leverage as live services growth in 2020 will be further enhanced by a full year contribution from 2019 new game launches.The stock has gained 38% since the beginning of this year in a consistent rally.
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