Zynga Posts a Q1 Profit of $5.6 Million
Zynga Inc. is an American social game developer that is headquartered in San Francisco, California. The social gaming giant was founded in 2007 and they mostly focus on developing games for mobile devices and for social networking platforms such as Facebook.
While new games are continuously being added to their product range, some of their most popular games include Farmville, Words With Friends 2, CSR Racing 2 and their most famous product known as Zynga Poker, which is available to play on Facebook and on mobile devices.
Recently, the company reported a $5.6 million profit for the first quarter, indicating a great start to 2018. Zynga's revenue for Q1 shot up by 7% to $208.2 million, as compared to Q1 of 2017, and this was a surprising result as the company initially predicted a loss of $9.5 million for this quarter.
This result has now stitched together four consecutive quarters of profit for the company, and CEO Frank Gibeau believes that this was due to performances from the company’s key games. Poker accounted for a massive 23% of Zynga's online gaming revenue for the first quarter, followed by the game CSR Racing 2, which accounted for 12% of the total revenue.
"We had a great start to 2018, outperforming guidance in the quarter across all key financial measures and delivering our highest mobile audience in over four years. We are pleased with the player engagement we’re seeing across our forever franchises – CSR2, Words With Friends and Zynga Poker - and continue to make strong progress towards our near-term margin goals,” said Gibeau.
Zynga Poker is free to play for all users, but the company makes its money by in-game purchases, or 'loot boxes'. Earlier in February this year, Zynga tied up with World Poker Tour to bring the latter's tournaments onto the Zynga Poker platform, and we expect further profits for the brand.
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