Boston, MA 02/05/2014 (wallstreetpr) – Zynga (NASDAQ:ZNGA) was up in the market as high as 23% immediately after it announced cost reduction plans that are aimed at positioning it at a strategic position for future success. The announcement of its acquisition of NaturalMotion has also done more than enough in ensuring its stock get the much needed attention from investors with a high expectancy of future success. ZNGA Chief Executive Officer has been working tirelessly in the effort of seeing ZNGA regains it positive fortunes in the market while also setting its path for future sustainable and stable growth. ZNGA had initially lost its grip in the market under the leadership of its former CEO Mark Pius and is trying hard to pick its broken pieces.
ZNGA improved quarter results
Zynga Inc (NASDAQ:ZNGA) popular games have been posting positive results in the recent pasts, a positive indication that the games are becoming more popular with gaming fanatics. ZNGA popular games Zynga plus, Casino, words with friends, and Zynga poker all recorded massive growth for the fourth quarter ending 2013. The acquisition of NaturalMotion could only have come at the right time as the company tries to venture more into phone games.
The fourth quarter saw Zynga Inc (NASDAQ:ZNGA) considerably reduce its net losses from a high of $48.62 million translating to $0.06 per share a year ago to lows of $25.2 million or $0.03 per share. This was a massive improvement having beaten consensus estimates of losses in the regions of $176.4 million. The drop in losses can be primarily attributed to ZNGA strategy of cutting down on its operation costs by essentially reducing its wage bill. Increased in sales on its major gaming products has also done more than enough in ensuring its losses continue to plummet.
The share price of Zynga Inc (NASDAQ:ZNGA) surged 2.23% in the previous session and closed at $4.59, close to its 52-week high.
