Online game developer Zynga has reported a 12% drop in revenues to $175m during the third quarter of 2014, a drop from $202m generated during the corresponding quarter in 2013.
Zynga CEO Don Mattrick said: "I am encouraged by the results of the quarter as we navigate through this time of transition.
"In Q3, we reported bookings at the high end of our guidance range and Adjusted EBITDA near the midpoint of our guidance range.
"Our teams have been working hard over the last year to reshape our business and we are seeing that work show up in two important areas – our franchise bookings and mobile bookings growth."
Despite revenues topping analysts’ expectations, Zynga’s results were weighed down due to higher expenses and lower online games revenues.
During the quarter, the company’s net loss totalled $57.1m, compared to $68,000 last year. The company’s revenue fell 12% to $176.6 million, above forecasts expected by analysts of $171.7 million.
Mattrick added: "2014 has been an investment year for us as we assembled a new leadership team, reorganized the company and reset our product pipeline.
"As we move forward and aggressively compete in an exciting market, we continue to believe that we are well positioned to take advantage of our global scale and diversified product portfolio, and we remain committed to working together as a team to deliver long term value for our consumers, employees and shareholders."
Further, bookings for Zynga’s Casino, Words With Friends and FarmVille rose by 30% year over year, in addition to a 111% rise in mobile bookings annually.
