Zynga, the publicly traded provider of online social gaming software, is running on a loss, but stated on Thursday that it is looking forward to financially brighter days because of its plans to release smartphone and tablet computer games.
The company reported a US$85.35 million loss, a figure that increased to US$321 million as against the US$242.9 million reported during the first quarter of 2011. Zynga also reported a net income of US$47.05 million excluding stocks awarded as compensation for employees, with regarding to acquisition deals, and so on.
Zynga also reported that it is investing a lot of money in developing new games to attract new players. Mark Pincus, the founder CEO of Zynga, said that he is happy with the company’s progress in its first quarter as a publicly traded company, adding that the company’s audience reach has grown 25 percent year on year. He also informed that Zynga has launched five new online as well as mobile games such as Scramble with Friends, Hidden Chronicles, and Slingo. According to Pincus, mobile gaming was becoming more popular than ever, which means good days for Zynga.
Zynga recently acquired the startup company that released Draw Something, a smartphone game that enjoys a great deal of popularity. Stating that the company has worked with popular existing games such as Words with Friends to create titles such as Hanging with Friends, Pincus expressed confidence that Zynga can create new games based on the Draw Something theme.
Pincus also said that the company has a bright future because it is building more powerful and larger networks, which increases its opportunities for brand extensions.
Zynga closed the last fiscal year with a US$404.3 million loss and the price of its stock plummeted by nearly 2 percent. In December, the online social gaming company had a listing of a billion dollars in the stock market and its total value was around US$7 billion.

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