Zynga Beats Q3 Revenue Estimates; Stock Rises 15%

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Zynga beat analysts’ estimates and announced a $ 200 million share buyback plan, a combination of events that prompted a 15% jump in the company’s stock price in after hours trading.

The gaming company posted revenues of $ 317 million for the quarter, beating estimates of $ 256 million. Earnings per share were zero, which was what was expected, and net losses were 7 cents a share.

The buyback plan is intended to boost Zynga’s stock price, which has fallen as low as $ 2.10, by cutting the number of outstanding shares. Zynga’s stock price has fallen 77% since the company’s IPO.

“While the last several months have been challenging for us, Zynga remains well positioned to capitalize on t…
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