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Thursday, June 05, 2014 1:02:07 PM
11:22 AM ET · ZNGA
Zynga (ZNGA) has plunged below $3 on volume (50.9M shares) that's already nearly 2x a daily average of 28.2M.
CEO Don Mattrick held a Q&A session yesterday afternoon at a BofA/Merrill conference (transcript). Though generally upbeat, he admitted Zynga could be affected by summer seasonality, and that near-term EBITDA margins remain pressured by product investments (e.g. bringing FarmVille to mobile).
Mattrick also: 1) Noted Zynga's headcount had fallen to 1,800 as of January from 2,650 at the time of his hiring; the NaturalMotion deal added 270 employees. 2) Declares Zynga's audience has "stabilized" after many quarters of steep DAU/MAU losses. 3) Suggests he's open to using part of Zynga's $1.1B+ cash balance on new acquisitions/partnerships.
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