In the second quarter of 2013, San Francisco based socal gaming company Zynga posted $231 million in revenue, down 31% year-over-year.
Don Mattrick, who recently left Microsoft to become the new CEO of Zynga, says that despite the loss and the elimination of approximately 520 employees due to restructuring, the company should see "phenomenal growth" over the next few years.
"To do that, we need to get back to basics and take a longer term view on our products and business, develop more efficient processes and tighten up execution all across the company," he said. "We have a lot of hard work in front of us and as we reset, we expect to see more volatility in our business than we would like over the next two to four quarters. I'm privileged to lead Zynga and I look forward to spending more time with our players, employees and shareholders."
During 2013's second quarter, Zynga released a half-dozen new titles including the web-based Hidden Shadows and mobile-based games Draw Something 2, War of the Fallen, Battlestone, Solstice Arena, and Running With Friends. The company also had three of the ten top games on Facebook in Words With Friends, Farmville 2, and Zynga Poker.
Looking forward, the company is estimating its 2013 third quarter revenue to be in the range of $175-$200 million, which equates to a projected net loss of $14-$43 million.