Shares of online video games purveyor Zynga (ZNGA) are down $1.97, or almost 39%, at $3.11 down $2.08, or 41%, at $3, after the company this afternoon reported Q2 revenue and earnings per share that missed consensus estimates, and cut its outlook for the year’s outlook for bookings and EPS, citing delays in some games and weakness in usage trends on Facebook (FB).
Revenue in the three months ended in June rose 19%, year over year, to $332 million, yielding EPS of a penny per share, excluding some costs.
Analysts had been modeling $342.8 million and 5 cents a share, according to FactSet.
For the full year, the company cut its EPS outlook to a range of 4 cents to 9 cents, down from a range of 23 cents to 29 cents offered back in April. Bookings are now expected in a range of $1.15 billion to $1.23 billion, down from the April forecast of $1.43 billion to $1.5 billion.
Zynga attributed the change in outlook to “delays in launching new games, a faster decline in existing web games due in part to a more challenging environment on the Facebook web platform, and reduced expectations for Draw Something.”
Zynga’s monthly active users rose 34% from the same period a year earlier, averaging 306 million, while daily active users were up 59%, averaging 72 million. Those numbers were up from the 292 million and 65 million the company reported in Q1.
However, Zynga said its “average daily bookings per daily active user,” or “ABPU,” as it calls it, fell from 5.5 cents in Q1 and 5.1 cents a year earlier to 4.6 cents, a reversal of the year-over-year gains seen in Q1.
Facebook shares are down $2.18, or 7.4%, at $27.18 in late trading. Facebook is expected to report Q2 results tomorrow afternoon, after the bell.
Zynga management will host a conference call with analysts at 5 pm, Eastern time, and you can catch the webcast of it here.
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