I laughed so hard coffee came down my nose when I read the latest financial report from Zynga today.
It seems, after all the hype about Zynga stock and how their company is worth “billions” (and if you believe that I have an elephant I can sell you), they actually LOST over $404 million in 2011.
Now can someone explain this to me? If Zynga is valued at over $7 billion, according to their crazy IPO initial offering, how can they possibly have lost $404 million.
What? Are they now worth six and a half billion and change?
Zynga of course explains this huge loss of revenue by saying they actually made $1.14 billion but they had expenses for “$510 million stock-based compensation for restricted stock units issued to employees” (read — “yep, we are fudging the numbers, really we are”).
Meanwhile, Zynga’s stock is now in freefall, falling 18 percent to $11.80 at the close today.
It seems even Zynga’s 58.5 million players a day and Farmville’s success on Facebook can’t save Zynga from losing money. Then again that’s what karma does to you.
When you steal other people’s game ideas, it comes back and BITES YOU IN THE ASS.
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