Buzz Post-Bell: Zynga Plunges 19%, Pulls Down Facebook
Zynga (NASDAQ:ZNGA) shares plunged more than 19 percent in late afternoon trading to reach a new all-time low. The social gaming company cut its guidance for the full year. Zynga now expects revenue to come in between $1.085 billion to $1.1 billion, which is below the prior $1.15 billion to $1.23 billion estimate. “The third quarter of 2012 continued to be challenging and, while many of our games performed to plan, as a whole we did not execute to our satisfaction,” said Mark Pincus, Zynga CEO and Founder. Facebook (NASDAQ:FB) shares also declined on the news.
Shares of Cisco Systems (NASDAQ:CSCO) edged slightly higher in late afternoon hours. The company promoted Gary Moore, its chief operating officer, to president. Furthermore, Rob Lloyd, head of worldwide operations, was promoted to president of Cisco’s development and sales efforts.
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Hewlett-Packard (NYSE:HPQ) shares managed to close the day in the green, but trades slightly lower in late trading. Meg Whitman, chief executive officer, recently said she expects the coming fiscal year to be another difficult one for the technology company, saying HP will experience a “broad-based profit decline.” The company projected revenue at its enterprise services to drop about 11 percent to 13 percent, and estimates earnings of $3.40 to $3.60 per share. On Thursday, Whitman told CNBC that rebuilding the company is a four or five year plan.
Shares of Netflix (NASDAQ:NFLX) jumped 6.5 percent on Thursday, despite receiving another competitor in the streaming video business. Toys R Us launched a new digital service Thursday for users to stream and download movies and television shows geared toward children. The site, toysrusmovies.com, will price 24-hour movie rentals at $2.99 and TV shows at $1.99 each, rates that are comparable to Apple’s (NASDAQ:AAPL) iTunes store. Toys R Us Movies will offer access to more than 4,000 titles and provide parental controls.
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