Zynga sees double digit audience growth on mobile in Q1

Zynga beat revenue expectations with $148 million, falls in line with loss of $0.1 EPS

Shares of Zynga are up 3% in after-hours trading Wedneday, after the company posted first-quarter results that beat Wall Street expectations in terms of revenue but fell in line with EPS.

The company had seen its stock go drop 3.07% in regular trading.

Zynga reported bookings of $161 million, beating out analyst expectations of $148 million, on a loss of one cent per share, which is what Wall Street had been expecting.

It reported a net loss of $61 million for the quarter, which was down from a net loss of $4 million for the first quarter of 2013 and down from a net loss of $25 for the fourth quarter of 2013.

Monthly unique payers (MUPs) in the first quarter of 2014 were 1.4 million, compared to 2.5 million in the first quarter of 2013. On a consecutive quarter basis, MUPs were up 5% from 1.3 million in the fourth quarter of 2013.

Daily active users (DAUs) also dropped, from 52 million in the first quarter of 2013 to 27 million in the first quarter of 2014. They were up 7% from 27 million in the fourth quarter of 2013. Web DAUs and Mobile DAUs were 12 million and 16 million in the first quarter of 2014, respectively.

The company saw impressive growth on mobile, going up 11% quarter to quarter across monthly active users and 10% across daily active users.

Online game revenue was $132 million, a decrease of 42% compared to the first quarter of 2013 and a decrease of 13% compared to the fourth quarter of 2013.

Advertising and other revenue was $36 million, an increase of 5% compared to the first quarter of 2013 and an increase of 49% compared to the fourth quarter of 2013. FarmVille 2, Zynga Poker and FarmVille accounted for 30%, 24% and 10% of online game revenue, respectively, for the first quarter of 2014 compared to 26%, 21% and 15%, respectively, for the fourth quarter of 2013.

Zynga is projecting revenue for Q2 2014 to be in the range of $140 million to $160 million, with a projected net loss of between $75 and $65 million.

Non-GAAP loss per share is projected to $0.01 to $0.03, based on a share count of approximately 930 million.

The comopany also announced that founder Mark Pincus, who stepped down as CEO last year, has decided to move on from his operational role as Chief Product Officer at Zynga to focus on serving in his role as Chairman of the Board of Directors.

(Image source: cultofandroid.com)