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April 24, 2013, 4:19 p.m. EDT
Zynga swings to profit; shares slide on forecastStories You Might Like
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By Dan Gallagher ZNGA
3.403.203.002.8010a11a12p1p2p3p4p
SAN FRANCISCO (MarketWatch) - Zynga Inc. swung to a first quarter profit, though the social game maker's shares slipped on Wednesday afternoon on a disappointing forecast. For the period ended March 31, Zynga /quotes/zigman/7720406/quotes/nls/znga ZNGA -11.08% reported net income of $4.1 million, or break-even on a per share basis, compared to a net loss of $85.4 million, or 12 cents per share, for the same period last year. Adjusted net income was $9.1 million, or 1 cent per share, for the recent period. Revenues slipped nearly 18% to $263.6 million, while bookings fell to $229.8 million. Analysts were expecting a loss of 3 cents per share on revenue of $264.5 million, according to consensus estimates from FactSet. The company projected a revenue range of $225 million to $235 million for the second quarter -- well below analysts' forecasts of $258.1 million. The stock was down more than 11% in after-hours trades following the report