Zynga Beats Q1 Estimates With Revenues Of $321 Million As Mobile Usage Climbs To 21M Daily

Zynga's revenues rose 32 percent to $321 million in the first quarter, beating analysts' estimates of $316.8 million in revenue and earnings of 5 cents a share excluding stock-based expenses. Bookings* came in at a record $329 million, up 15 percent over the year before, and up 7 percent compared to the previous quarter -- meaning Zynga didn't see that seasonal decline in revenues that Facebook did. The company said revenue growth was driven by the launch of games like Hidden Chronicles and Castleville and its increasing footprint on mobile platforms. Overall, Zynga posted a net loss of $85.4 million, mostly because of stock-based expenses. Excluding those expenses of $133.9 million, Zynga would have had earnings per share of 6 cents or $47 million. That would be down 38 percent from the year before. The company also raised its annual guidance to $1.425 billion to $1.5 billion in bookings, up from $1.35 to $1.45 billion. Shares are down 1 percent in after-hours trading to $9.33.

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