Zynga's "bookings" measure revenue directly from ad sales and microtransactions before any adjustments, such as the 30 percent Facebook claims, and these were down for the first time in company history, dropping 4 percent to hit the super-low, rock-bottom, Ramen-every-night number of $274.7 million.
So far it looks like someone took some extra vacations on their new yachts this quarter. Or not. Zynga attributes its profit loss to two things: It didn't release any new games until Empires and Allies in March 2011, and it focused more on internal growth, hiring and acquisitions this quarter.
All of this stagnating growth and dipping profit-margins means only one thing -- Zynga's valuation was increased in this same analysis, rising from $13.98 billion to $14.05 billion. Because that's how money works.