IPO Amendment Reveals Falling Profits for Zynga

September 23, 2011 -

In what can only be described as a non-shocker (except to the investor class who expected big money from the social game maker), Zynga has amended its IPO filing to point out that it is losing money... lots of money. The company noted that its net income for the second quarter fell to $1.4 million; which is about a 90 percent drop from $14 million in the same period a year ago. For some perspective, the company raked in $16.8 million in the first quarter.

The company also reported $279.1 million in revenue for the three months ending June 30, representing a 115 per cent increase compared to the same period last year. Despite that, the company said that total costs and expenses for the second quarter nearly equaled its total revenue, increasing $149 million year-on-year.

Of course, the bulk of this spending, aside from new hires for research & development, comes from all the acquisitions the company made this year. It quietly acquired HipLogic earlier this month to bring the total number of acquisitions to 15 in the past 13 months.

Zynga has delayed its IPO since filing it in July due to tough market conditions.

GI.biz

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