Why Zynga Stock Popped 10% This Morning
Shares of social gaming star Zynga (NASDAQ: ZNGA) popped 11.4% in early-morning trading Wednesday after the company reported third-quarter earnings Tuesday that were just OK, but good enough to keep the company's turnaround story going. Analysts who follow the stock had expected Zynga to report $0.02 per share in profit on Tuesday, and that's exactly what Zynga did.
Investors in the FarmVille maker are riding a bull (market) this morning. Image source: Getty Images.
On the other hand, Zynga also posted revenue of $224.6 million for the quarter, which was significantly above the $209.8 million that Wall Street had predicted. Zynga characterized the results as its "best topline performance in over 4 years," and noted that its $18.1 million in net income for the quarter amounted to a $59.8 million improvement when compared to last year's Q3 loss.
Source: Fool.com
