Zynga adjusts to $22.8M loss for Q2

While its revenues were higher during this year's Q2 than in 2011's, Zynga has posted a $22.8 million net loss for the quarter.

The social games giant has lowered its outlook to compensate for "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."

Revenue income increased by 16 percent, totaling $332.4 million for this period. The company's net loss, however, is a sore point compared to the $1.3 million in profit reported in Q2 last year.

"We also faced new short-term challenges which led to a sequential decline in bookings," Zynga CEO and founder Mark Pincus said. "Despite this, we're optimistic about the long-term growth prospects on mobile where we have a window of opportunity to drive the same kind of social gaming revolution that we enabled on the web."

Zynga's stock took a hit because of its changed outlook, falling to a low of $4.88 per share before closing at $5.08 a share.

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[Joystiq]