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What: Shares of social game maker Zynga have popped today, up by 12% as of 11:53 a.m. ET, after the company reported strong first-quarter earnings.
So what: Revenue in the first quarter added up to $186.7 million, with non-GAAP bookings of $181.6 million. Adjusted net income was $1.5 million, which rounds down to $0.00 per share. Both figures easily topped analyst expectations, which were pegged at $163.4 million in bookings and an adjusted net loss of $0.01 per share.
Now what: Zynga continues its transition to mobile, with mobile bookings of $139 comprising 76% of all bookings. Average mobile daily active users grew 7% sequentially to 16 million. The strong report comes just months after Zynga founder Mark Pincus stepped down as CEO for the second time, naming Frank Gibeauas the new CEO. Cost-cutting has helped bolster bottom-line results, and aided margins. For the second quarter, bookings are expected to be $160 million to $170 million.
The article Why Zynga Shares Popped Today originally appeared on Fool.com.
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