Published , by TJ Denzer
Published , by TJ Denzer
While Zynga prepares for its eventual acquisition by Take-Two Interactive, it still has a few quarters worth of autonomy to report. One of the most prolific mobile gaming companies in the world, Zynga still controls a sizable share of the Western mobile gaming market. However, it wasn’t able to impress as it launched its Q1 2022 earnings results reporting. While the company had some notable stats as far as advertising revenue and bookings, it missed its expected overall revenue by a sizable degree.
Zynga (ZNGA) launched its Q1 2022 earnings results via its investor relations website on May 9, 2022. Zynga was able to claim a few successes this quarter. It put up its apparent best advertisement revenue and bookings of any Q1 quarter in the company, coming in at $153.5 million USD and $695 million respectively. That said, the company ultimately missed big time on its revenue. Zynga’s overall revenue was $691 million and the Wall Street expectation was $745.22 million. That means the company came up about $54 million short.
Zynga (ZNGA) stock was down in after-hours trading following the release of its Q1 2022 earnings report. It hit a value of $7.44, its lowest since January, before it began to slowly climb back up. It’s clear that the earnings report didn’t exactly inspire confidence in investors. This is the second consecutive quarter in which Zynga failed to meet expectations, as the company saw similar results in Q4 2021.
Though the earnings report may not have been full of good news, Zynga (ZNGA) is still undoubtedly one of the more significant companies in the mobile gaming space. It’s also just one of several gaming entities reporting its quarterly financial results this week. For more news on the business side of the gaming and entertainment worlds, stick with Shacknews.