Zynga Inc.


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SKU: ZNGA Category:


Zynga delivered a mediocre quarterly result failing to meet the high market expectations. The company’s results were not too bad as it produces its best ever Q2 operating cash flow and revenue bookings driven by their diverse portfolio of leading mobile franchises and live services platforms. However, the company has had a history of over-delivering which is why market expectations are always high on the stock. The company reported their highest Q2 revenue of $720 million in the second quarter, a staggering 59% year-over-year growth with Q2 bookings of $712 million, up 37% year-over-year. In addition, Zynga’s top-line performance, fused with positive operating leverage, generated the highest ever operating cash flow of $161 million in Q2. The management continued its acquisition spree and has recently announced the acquisition of StarLark, the China-based developer of Golf Rival, the fast-growing and second-largest mobile golf game worldwide. It is expected that this acquisition will bring a brilliant team with proven ability to Zynga to create a global casual hit with additional new products in early development. We continue to be optimistic about the stock and maintain our ‘Buy’ recommendation with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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