/// Zynga Lowering Full-Year Results Again; Recording Huge Hit for OMGPOP
Zynga is reporting preliminary third-quarter results today, but it won’t do much to comfort investors who were already growing weary of the company’s prospects. The social games company says that the third quarter is falling behind expectations, and that it is also lowering projections for the full year. In addition, it says that it will have to write down the acquisition costs of OMGPOP by up to $95 million. The news follows a shockingly poor second-quarter performance as well as numerous executive departures, which have questioned the state of the games company. The San Francisco company said third-quarter weakness is being caused by the performance of certain games and the write-down, while full-year guidance is behind target because it is expecting delays for several new games. The company’s updated outlook for full year 2012 includes: Bookings projected to be in the range of $1.085 billion to $1.100 billion (compared to previous expectations of between $1.150 billion to $1.225 billion). Adjusted EBITDA projected to be in the range of $147 million to $162 million (compared to previous expectations of between $180 million to $250 million).