Game provider Zynga Inc slashed its 2012 outlook and quarterly results badly missed Wall Street targets, sending its stock plunging 35 percent and casting a chill over Facebook Inc on the eve of the social network's inaugural results. Investors now fear a larger-than-expected hit to Facebook's earnings, which relies on the "FarmVille" creators for about 15 percent of its revenue. Shares in the No. 1 social network, which has yet to regain investor confidence since its botched May IPO, slid more than 7 percent to a new low of $27 in after-hours trading. Blaming its poor performance on a steep drop-off in players for its core Facebook money-makers, Zynga took an axe to its earnings forecasts, predicting 4 to 9 cents a share, down from a previous 23 to 29 cents. Zynga shares tumbled to a record low of $3.00 after the bell. That dim outlook highlights how dramatically the fortunes of consumer Int... Continue to read.
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