Zynga bookings at $329m

Zynga bookings at $329m
Seth Tipps

By Seth Tipps

April 27th 2012 at 8:51AM

Q1 2012 earnings show revenues up, GAAP income losses

Zynga has posted its Q1 earnings report, showing record bookings of $329 million- up fifteen percent from last year.

The social games company report cites increased investment in new games as the primary reason for losses in EBITDA.

Chief among these investments, the purchase of OMGPOP's Draw Something cost Zynga $180 million plus an estimated $30 million to retain key staff, but brought in an additional 14.3 million users.

With the new hit in their hands, Zynga have beaten revenues from Q1 2011 by 32 percent, with a figure of $321 million for the period.

But the expense also told, driving GAAP net income down to a loss of $85 million, and diluted net income per share down to a loss of twelve cents.

Zynga plans a secondary offering come June in a bid to prevent massive sales of their stock by extending the lock-up period.