Zynga (ZNGA) Misses Q3 EPS by 6c, Offers Q4 Outlook
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Zynga (NASDAQ: ZNGA) reported Q3 EPS of ($0.05), $0.06 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $182.4 million versus the consensus estimate of $187.23 million.
Zynga sees Q4 2016 EPS of ($0.03), versus the consensus of $0.01. Zynga sees Q4 2016 revenue of $180-190 million, versus the consensus of $202.8 million.
Share Repurchase Program
In November 2016, a share repurchase program was authorized for up to $200 million of our outstanding Class A common stock that remains in effect through the end of October 2018. The timing and amount of any stock repurchases will be determined based on market conditions, share price and other factors. The program does not require us to repurchase any specific number of shares of our Class A common stock, and may be modified, suspended or terminated at any time without notice. The stock repurchase program will be funded from existing cash on hand or other sources of funding as the Company may determine to be appropriate. Share repurchases under these authorizations may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, purchases through 10b5-1 plans or by any combination of such methods. Repurchases of our Class A common stock in the open market could result in increased volatility in our stock price. There is no guarantee that we will do any share repurchases under the program or otherwise in the future.
For earnings history and earnings-related data on Zynga (ZNGA) click here.
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