Boston, MA 04/25/2014 (wallstreetpr) – Zynga Inc (NASDAQ:ZNGA)‘s former CEO, Mark Pincus has decided to step down from his current operational role of Chief Product Officer, but will remain as a non-executive chairman on the board. Pincus had relinquished his position as a CEO last summer to pave the way for Don Mattrick.
No Plans Of Starting A Company
During an interview, Pincus, who has been at times condemned for his management style, said he stayed on to the product development profile in order to put his hands on the product and ensure that the company continues to follow its social mission. Going forward, Pincus plans to engage in personal investing and does not bank on the idea of creating something on his own at present. However, he sees developing a startup incubator as a potential plan for the future.
The news of Pincus stepping down of his role came at the time of Zynga Inc (NASDAQ:ZNGA)’s earnings, where the company announced few more additions of executives. The company has hired Alex Garden, GM of Microsoft Xbox Live as the head of its Studios, Henry LaBounta, gaming and industry veteran as its chief visual officer and e-commerce industry veteran, Jennifer Nuckles as marketing chief.
First Quarter Results
Zynga has released its first quarter earnings on Wednesday, wherein, it was able to surpass the Wall Street’s estimates in terms of revenue by $20.48 million at $168 million. The net loss for the quarter was at $61 million, that is $0.07 per share, while non-GAAP loss stood at $0.01, in line with the market consensus. For the 2Q, Zynga Inc (NASDAQ:ZNGA) expects the bookings to be in the range of $175-$195 million and earnings per share of ($0.08)-($0.07) as against the market estimates of $185.9 million and EPS of ($0.01). For the year 2014, the company expects revenue to be in between $770-$810 million and EPS at $0.01-$0.03 per share as against the analysts’ forecast of $783.6 million and $0.01 in revenue and EPS respectively.
