Zynga Reports Flat Earnings, Announces Buyback, Shares Surge 14%http://www.valuewalk.com/2012/10/zynga-inc-znga-reports-flat...Zynga Inc (NASDAQ:ZNGA), the embattled game maker, just reported Q3 earnings as the markets closed. As expected non-GAAP earnings were flat, which is down from the EPS of 4 cents earned in the corresponding quarter of 2011 and 1 cent per share in the Q2 2012. The GAAP earnings per share was 7 cents for this quarter. The total revenue for the quarter came in at $317 million. This marks a 3 percent y-o-y increase in revenue. Bookings for the quarter totaled $256 million, which marks a decline of 11 percent y-o-y. The daily active users (DAU) reached 60 million in Q3 2012, up from 54 million in Q3 2011.Zynga Inc (NASDAQ:ZNGA) slashed its earnings before the actual conference today, and expected the revenue to fall in the range of $300 and 305 million, and expected EPS to be flat or negative. The earnings call also announced 150 lay-offs, which makes up 5 percent of the workforce, and a buyback of $200 million shares. The share price moved up as much as 12 percent in trading after markets closed. Zynga Inc (NASDAQ:ZNGA) is also partnering with Bwin.Party, a British gambling company to launch online money based gambling in the UK. The new poker games are expected to launch in the first half of 2013.The Q4 EPS forecast was 2-3 cents per share. Zynga Inc (NASDAQ:ZNGA) is hoping to achieve a pre-tax savings from cost cutting in the range of $15-20 million in the upcoming quarter. Total FY2012 bookings are expected to fall in the range of $1.09 -1.1 billion. The FY2012 EBITDA is expected to fall between $152 – $162 million.
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