zynga-240414Disappointing results

While considered one of the foremost firms in the iGaming industry, Zynga’s recent profit figures have been alarming.

The popular social media turned real-money gambling site Zynga is struggling through a trying 2014. Founder Mark Pincus stepped down from his role as operational director after the company reported first quarter revenue of $168 million, down 36 percent from the corresponding period in 2013. Adjusted earnings came out at $13.8 million, less than half of the $28.7 million taken from Q1 last year.

However, CEO Don Mattrick remains optimistic about the company’s future: “Going forward, with Mark in his role as chairman of the board, we will continue to be close partners and work together to achieve our winning aspiration to be the at scale industry leader by delivering more number one games in more categories than any other competitor.”

Zynga’s gambling apps

What to make of the poor showing? Zynga has struggled to build upon hits like Farmville, Cityville and Words with Friends. Recent games like Zombie Swipeout, Slots and Matching with Friends. While well-made, these, titles are simply not as popular as previous releases. While Zynga now produces mobile casino software, its bread-and-butter has been success in innovative social games.

Last year Zynga took the plunge by investing in online and mobile casino games, launched on the Zynga Plus Casino site. While these games have been popular with many viewers, they haven’t provided enough revenue to keep the company profitable.