Zynga Inc (NASDAQ:ZNGA) lost 1.59% in the last trading session to close at $4.96 on a volume of 14.6 million shares. The stock has been gaining new hights since past couple of months, here is latest news on the company.
Zynga is a turnaround story. It has reported a booking growth of 39% in 2019 after skidding in 2013. Acquisitions in 2017 have also contributed to the turnaround of the company under the leadership of CEO Frank Gibeau.
Gibeau said a turnaround of the company is now complete while chatting with a GamesBeat this weekend. The company acquired Card Games and Peak Games Board beginning November 2017 in a deal valued at $100 million. The company took over Gram Games, a merge dragons producer, for $250 million in May 2018. It acquired 80% stake in the producer of Empires & Puzzles – Small Giant Games in December 2018 for $560 million.
CSR Racing 2 and Words With Friends Games contributes to the growth
Zynga sustained the business with games like CSR Racing 2 and Words With Friends Games. The company is working on nine new games to drive the growth going forward. Zynga Poker is making enormous fortunes for the company. The CEO will feature in an interview with Michael Metzer (Drake Start Partners) at a GamesBeat Summit 2019 in Los Angeles during April 23 and 24.
Zynga raises guidance for the quarter
Zynga has raised guidance for the quarter. The company is betting on games like Small Giant Empire of Puzzles, Merge Dragons, Zynga Poker, CSR2, Words With Friends to rake in huge fortunes. The new games would be ready for soft launch in the next couple of years.
Zynga focused on the games for mobiles that account for over 93% and generates 90% of the revenues from games targeting mobile users. It reported a growth of 19% in the quarter. Empires and Puzzles ranked among top 10 games in Android during last week. Merge Dragons featured in top 20 games. The company saw a lot of momentum in franchises of those two businesses namely in International and Android. It forecasts a growth of 39% in the next year and rake in revenues of $1.35 billion. The company already achieved an increase of 39% in bookings. On successful turnaround, the stock of Zynga soared by 19% in January 2019 mainly because of developing a solid business around forever franchises and new deals.