UPDATED 14:12 EDT / NOVEMBER 08 2011

NEWS

Zynga Reschedules Initial Public Offering for Shortly After Thanksgiving

Rumors of Zynga’s pre-Thanksgiving IPO plans from not too long ago may have been exaggerated, new news on the subject, according to two people who spoke with Bloomberg, suggests that they’re headed instead for an IPO immediately following Turkey Day.

The opportune filing of the gaming company’s initial public offering started with a $1 billion estimation in July 2011. However, we saw them suffer a 90% loss of revenue across their second quarter, which lead some analysts to wonder how that might affect their IPO and where they intended to go with it. Zynga has done a very good job of diversifying across social media networks and socializing up their apps in order to find a better foundation in the market with Google+ and other venues.

According to Bloomberg, things are looking good for the company even with the revenue decline, “Last week, Zynga updated its prospectus to show that 6.7 million of its users were paying customers in the first nine months of the year, compared with 5.1 million in the year- earlier period. Revenue more than doubled to $828.9 million.”

Although, we’re still waiting on the U.S. Securities and Exchange Commission to finish its review of the company’s financial results.

When they hit the market, Zynga’s shares will trade on the Nasdaq Stock Market under the symbol ZNGA.


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