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Mobile gaming hurts Zynga, lifts ‘Candy Crush’ maker King Digital

By
James Covert
Published Feb. 12, 2015, 9:46 p.m. ET

Shares of “Farmville” creator Zynga got plowed under on Thursday as the video-game designer failed to keep up with the global move toward mobile gaming during the most recent quarter.

Meanwhile, King Digital — whose “Candy Crush Saga” and “Candy Crush Soda Saga” games topped mobile download lists for months in 2014 — reported better-than-expected quarterly results.

With the rival firms squaring off after the bell on Thursday, Zynga’s stock got beaten down by as much as 11 percent in extended trading after dipping 5.3 percent, to $2.66, in the regular session.

Shares of King Digital, by contrast, soared by as much as 20 percent in the after-market after gaining 4.2 percent, to $14.74, at the close.

King said Thursday it will acquire Z2Live, a Seattle game developer, for $45 million in cash, and up to $105 million of additional payments linked to future performance targets.

Zynga shares, on the other hand, took a beating after it was disclosed that the company is closing its development offices in China. The move will cost 71 jobs and save $7 million a year, Zynga said.

Zynga has had a difficult time making the transition to mobile with complex online games like “Farmville,” which became a Facebook sensation six years ago.

However, it has had some notable successes of late, including “New Words With Friends,” a fourth-quarter update to its hit Scrabble-like game, which netted a monthly audience increase of 35 percent.

Overall, Zynga managed to increase mobile to 60 percent of its total sales in 2014. That’s up from 27 percent in mid-2013, when CEO Don Mattrick replaced founder Mark Pincus.

This year, Zynga is looking to push mobile to 75 percent of its business. All of its new games this year, which will number between six and 10, will be “mobile-first,” the company said Thursday.

Among the new titles will be “Farmville: Harvest Swap,” a 3-D mobile version of the aging franchise; and the war games “Dawn of Titans” and “Empires & Allies.”