Zynga (ZNGA) Misses Q1 EPS by 1c

Zynga (NASDAQ: ZNGA) reported Q1 EPS of $0.01, $0.01 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $208.2 million versus the consensus estimate of $212.07 million.

GUIDANCE:

Zynga sees Q2 2018 revenue of $208 million.

(Emphasis StreetInsider): "Zynga went public in December 2011 with a three-class common stock ownership structure. Class C common stock held 70 votes per share, Class B common stock held 7 votes per share and Class A common stock held one vote per share. Pincus was the sole owner of all Class C Zynga shares and the majority owner of Class B Zynga shares. By converting all of his Class C and Class B Zynga shares into Class A common stock, Pincus’ overall voting rights in Zynga are reduced from approximately 70% to approximately 10%, with no change in his underlying economic interest. As a result of this conversion, all other Class B shares will automatically be converted into Class A common stock, and all Zynga shareholders will have equal voting rights, with one vote per share on all matters submitted to a shareholder vote. In connection with his share conversion, Pincus will serve as non-executive Chairman of Zynga’s Board. Additionally, Zynga’s Board has decided to nominate Pincus as a director of the Board in future elections, subject to exercise of the Board’s fiduciary duties, so long as Pincus continues to hold approximately one-half of his current Zynga shares."

For earnings history and earnings-related data on Zynga (ZNGA) click here.

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