Zynga continues to hemorrhage cash for the third quarter in a row
Zynga -- the company that used to take all your cash before you started giving it to Class of Clans and Candy Crush Saga -- is continuing to be exceedingly generous by spending all its cash without making any back, according to its newly released earnings report. The company, which is responsible for your Words with Friends and Farmville addictions, lost $57 million in its most recent quarter, following losses of $62.5 million and $61 million in Q2 and Q1, respectively.
Despite the discouraging numbers, Zynga CEO Don Mattrick was surprisingly upbeat following the report, noting that he is "encouraged by the results of the quarter" and promising that the transitional period the company is going through will eventually pay off.
King -- which has yet to come up with an original game idea -- and Clash of Clans developer Supercell have been thoroughly wiping the floor with Zynga for a while now, and it seems the company is just beginning to realize that there is no winning that fight. Zynga is now pushing its Zynga Sports 365 franchise as an evergreen option that could bring the company back into the black, so we'll have to wait and see how that goes.
