Zynga loses CFO
News on 4 Nov 2015
News on 4 Nov 2015
Social gaming giant Zynga’s chief financial officer David Lee will leave the company on a high as it reports a positive performance in its third quarter results which are above the top end of its guidance range.
The results were driven by Zynga’s three core mobile franchises Wizard of Oz Slots, Words with Friends and Empires & Allies, up 61 percent year-on-year.
The company said it generated $176 million in total bookings and $12 million in Adjusted EBITDA.
Mobile bookings have grown 26 percent versus the prior year and now make up 69 percent of Zynga’s total bookings, up from 66 percent in Q2.
Average bookings per user (ABPU) grew 27 percent year-over-year and 10 percent sequentially.
In addition, Mark Pincus, founder and chief executive officer, said his belief in the social gaming opportunity has impelled him to initiate a $200 million stock buyback programme.
Zynga’s recent acquisition of Rising Tide Games saw the launch of Black Diamond Casino with another social casino offer “Princess Bride Slots” set for release during the fourth quarter.
Michelle Quejado, chief accounting officer for Zynga, will take over Lee’s CFO role until the company has appointed a replacement. Lee will leave the company mid-December 2015.
