Radar Stocks: Facebook and Zynga Climb Higher, Crocs Trips Over Revenue
Shares of Zynga (NASDAQ:ZNGA) surged more than 12 percent in late afternoon trading. The social gaming company reported a third quarter loss of $52.7 million, but met expectations on when excluding one-time items. Revenue for the quarter increased 3 percent to $317 million, compared to $307 million a year earlier. “”While the last several months have been challenging for us, Zynga remains well positioned to capitalize on the growth of social gaming,” said Zynga CEO Mark Pincus.
Facebook (NASDAQ:FB) shares closed 19 percent higher on Wednesday, and continues to gain in late afternoon hours. The social networking giant recently released earnings for only the second time since going public in May. The company posted a net loss of $59 million for the third quarter, compared to a net gain of $227 million a year earlier. Excluding items, Facebook earned $311 million (12 cents per share), edging pass the average analyst estimate by one red cent.
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Shares of Crocs (NASDAQ:CROX) plunged 6.5 percent after missing revenue estimates for the third quarter. Revenue rose 7.5 percent to $295.6 million, falling short of the average estimate of $339.5 million. “Our revenue growth during the third quarter reflects the benefit of balanced distribution channels globally. Our direct to consumer channel in the Americas increased 12 percent on year-over-year basis, highlighted by a mid single digit same store sales gain, and our expanded presence in Asia resulted in a direct to consumer sales increase of 17 percent in that region,” said John McCarvel, president and chief executive officer.
Wynn Resorts (NASDAQ:WYNN) shares climbed 4 percent higher after releasing financial results for the third quarter. Net income fell to $112 million ($1.11 per share), compared to $127.1 million ($1.01 per share) a year earlier. Wynn Resorts Limited reported adjusted net income of $1.48 per share. By that measure, the company beat the mean estimate of $1.33 per share. Shares of Las Vegas Sands (NYSE:LVS) also increased on the news.
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