Spencer Osborne submits: Online gaming giant Zynga has filed for an initial public offering. Rumor had been spreading that an IPO filing was imminent and on Friday potential investors finally got a first hand glimpse of exactly how much money there can be in games and virtual merchandise.
Zynga Inc (ZNGA) reported second-quarter results for fiscal year 2014 (2QFY14) after the closing bell today. The mobile games developer said that for the quarter ended June 30, revenues declined 34% year-over-year (YoY) to $153 million, which came in short of analysts’ estimate of $157.12 million. The company broke even for the quarter, which was in line with what most analysts were expecting.
SAN FRANCISCO (Reuters) - Zynga Inc's management on Wednesday pleaded for more time for its turnaround effort after the online game maker forecast a steeper-than-expected loss for the current quarter, sending its shares lower.
Online games giant Zynga is on track for a stock market debut in mid-December, the New York Times reported Wednesday.It cited an unnamed source as saying the company -- maker of Cityville and Farmville -- would revise its prospectus by the end of the week and be on track for an initial public offering (IPO) by the middle of next month.The company first filed paperwork for the IPO in July, aiming to raise some $1 billion, but has delayed the move because of market volatility. It is expected to command a market valuation of $15-20 billion.
Facebook will set a target of raising $5 billion in papers to be filed on Wednesday for an initial public offering, according to reports on Tuesday.The New York Times and International Financing Review said $5 billion is only a preliminary target for the IPO by the social networking giant and the final size could be larger.Last week, The Wall Street Journal reported that Facebook would seek to raise $10 billion at a valuation of $75 billion to $100 billion.