Zynga stock rose nearly 7% in premarket trade Tuesday, as rising demand for mobile gaming prompted the Farmville developer to lift its yearly expectations.
Third-quarter net bookings increased 6% to $668 million, giving it its best-ever annual top line performance and the largest mobile audience in its history. Revenue increased by more than 40% to $705 million as the gaming ecosystem thrived on pandemic-driven demand, with plenty of support from developers and high-speed networks and gadgets.
According to the firm, 'FarmVille 3', which was released last week, is off to a wonderful start. Its first cross-platform play brand, 'Star Wars: Hunters,' will have a soft launch next week. In addition, the company is developing its next-generation mobile advertising platform in order to expand its market share and gain a competitive advantage in the digital advertising sector. All of this enabled it to lift its yearly revenue prediction to $2.78 billion from $2.72 billion previously.
Despite this, the corporation reported a loss in the third quarter after aggressively investing in R&D.