Why Zynga Stock Is Getting Clobbered Today

Shares of Zynga (NASDAQ: ZNGA) are getting clobbered today, down by 9% as of 12:45 p.m. EST, after the company reported third-quarter earnings. The COVID-19 pandemic has boosted demand for mobile games and helped drive revenue to record levels but it still fell short of analyst expectations.

Revenue in the third quarter jumped to a record $503 million, but Wall Street was looking for $627 million in sales. That led to a net loss of $122.2 million, or $0.11 per share, compared to the consensus estimate of $0.13 per share in adjusted losses. The mobile video game company saw mobile daily active users (DAUs) jump to 31 million, with mobile monthly active users (MAUs) of 83 million. Bookings came in at $628 million.

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Source Fool.com