July 26, 2012 |
Facebook's first-ever earnings came in on target Thursday, with revenue of $1.18 billion on profit of 12 cents a share. Facebook posted a second-quarter loss of $157 million, or 8 cents a share. But on an adjusted basis, after accounting for restricted stock awards, the company posted a profit of 12 cents a share that matched Wall Street projections. Analysts surveyed by Thomson Reuters had been expecting revenue of $1.15 billion on profit of 12 cents a share. For the three months ended June 30, Facebook saw revenue increase 32% from $895 million in the year-earlier quarter.
July 25, 2012 |
Zynga just gave Facebook investors something else to worry about. Shares of the social networking powerhouse plunged 24 hours ahead of its first earnings report as a public company, taken down by a double whammy: disappointing results from social gaming company Zynga and comments from Zynga Chief Executive Mark Pincus who, in part, blamed Facebook for slashing its outlook for 2012. Facebook shares were down 8% to $27 in after-hours trading. Zynga accounted for 12% of Facebook's revenue in 2011.
July 25, 2012 |
It was SadVille atZynga Inc.'s headquarters after the San Francisco creator of such games as"FarmVille"and "CityVille" posted its second-quarter earnings and watched its stock price immediately drop 41%. Zynga's stock, which had gained 16 cents to close at $5.08, plunged to as low as $3 in after-hours trading following the earnings release. The price was a significant fall from grace from Zynga's initial public offering in December, when its shares debuted at $10 and climbed to a high of $14.69 on March 2. The gaming company's disappointing earnings were also blamed, in part, for an 8% drop in the price ofFacebook Inc.'s shares after hours.
July 24, 2012 |
It's become fashionable to break free from Facebook. BandPage, whose Facebook application has been adopted by half a million bands and musicians, on Tuesday announced it is launching beyond Facebook and onto the broader Web. The San Francisco start-up is giving bands a way to market themselves outside of Facebook with a suite of free, dead-simple digital publishing tools . Using BandPage's new application, artists can update photos, videos,...
July 22, 2012 |
The gig: Jeremy Verba, 49, became chief executive of online dating site EHarmony Inc. in August 2011, replacing Greg Waldorf. The Santa Monica company matches singles looking for long-term relationships; 34 million people have used the service since it was launched in 2000. The company uses "relationship science" to predict compatible matches and says that on average, 542 people marry every day in the United States as a result of being matched on EHarmony. Education: Received a bachelor's degree in architecture from MIT and an MBA from Harvard Business School.
July 12, 2012 |
Zynga's shares hit an all-time low after an analyst at Pacific Crest Securities lowered his estimates for the company, citing a steep decline in the social game company's traffic. The San Francisco firm's shares traded at $4.88 early Thursday, down 7 cents or 1.4%. The price dipped below the previous nadir on June 12, when Zynga closed at $4.98. It's also less than half of Zynga's initial public offering price of $10 when the company debuted on the Nasdaq exchange in December.
June 27, 2012 |
So-called micro-transactions generated from the sale of virtual games on mobile devices are generating macro-revenues, according to a survey released Wednesday from media research firm Frank Magid Associates Inc. One out of four tablet users surveyed spent money on games last year, with an average outlay of $62 each. Those who played games downloaded about 20 titles each. That's substantially more than smartphone gamers, who downloaded about 10 games on average and spent $25 each in 2011, according to the research firm, which canvassed 2,540 people through an online survey.
June 15, 2012 |
May was another crushing month for video game sales. Or was it? At first glance, the numbers look dismal. Game sales declined 16% in May to $335.2 million compared with a year earlier. Sales of game consoles and hardware peripherals dropped 23% to $261.2 million, according to the NPD Group Inc., a market research firm. Overall sales of both hardware and games fell 19.7% to $596.4 million last month, down from $743.1 million a year earlier. Only game accessories saw an increase, fueled by gift cards for online games and brisk sales of physical toys for Activision Blizzard Inc.'s "Skylanders" game.
June 4, 2012 |
SAN FRANCISCO - How young is too young to join Facebook? The Menlo Park, Calif., company currently bans anyone under age 13 from joining the world's most popular social network. Yet an estimated 7.5 million preteens - most of them under age 10 - are already using the service, many with their parents' approval. The highly charged debate over privacy and safety in the Internet age picked up steam this week as word leaked that Facebook was considering allowing kids younger than 13 to use the service with parental supervision.
May 19, 2012 |
Wall Street didn't get the Facebook effect it was hoping for. In a sign that the social networking giant may have already become a bellwether for its sector, shares of virtually every social media company sank Friday with Facebook Inc.'s lackluster debut on the stock market. Anticipating that Facebook would have a big day, investors had loaded up on social media stocks in recent weeks. Many backpedaled when Facebook's shares barely budged, rising just 23 cents, or less than 1%, from the initial public offering price of $38. "They were playing for a pop and didn't get it," said Michael Pachter of Wedbush Securities.