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    Ahead of Bell: Zynga falls after 4th-qtr results

    Associated Press – Wed, Feb 15, 2012

    NEW YORK (AP) — Shares of Zynga Inc. tumbled Wednesday after the online game maker's latest quarter showed revenue growth slowing.

    Zynga, which is behind some of the most popular games on Facebook such as "Farmville" and Cityville," on Tuesday also reported a loss for the final three months of 2011, its first quarter as a public company.

    While advertising revenue more than tripled, active users grew and adjusted results topped analyst expectations, overall revenue grew just 1 percent compared with the July-September quarter. Its revenue had grown by double-digit percentages from one quarter to the next for the year's first three quarters.

    Sterne Agee analyst Arvind Bhatia said growth was "slowing significantly," and the stock was too expensive.

    Zynga went public in December at $10 per share, and closed at $14.35 Tuesday before releasing its latest quarterly results. The stock shed $1.12, or 7.8 percent, to $13.23 before the market opened Wednesday.

    Baird analyst Colin Sebastian downgraded the company to "Neutral" from "Outperform," saying he was "somewhat concerned about (Zynga's) lack of disclosure on the number of unique payers on Facebook, which could imply a negative trend."

    Still, he said he had a "positive bias" on Zynga because of its opportunities for growth. Zynga relies on its Facebook games for nearly all of its revenue, though it has been working on expanding to other areas, notably mobile devices.

     

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