Wednesday, November 30, 2011

Zynga Shoots for IPO Valuation of $10 Billion

In one of the most highly anticipated deals of the year, Zynga plans to file terms with the SEC on Friday for an IPO that would generate around $900 million in proceeds.
Zynga rose to prominence on viral games such as "Farmville," which is still among one of the most popular games on the Facebook social network. While its games are free, Zynga makes money from selling virtual items such as tractors and weapons that people use in its game worlds.
Zynga executives will lead presentations to potential investors starting next week.
Founded in 2007, the company increased its annual revenue from $19.4 million in 2008 to $597.5 million in 2010, and generated revenue of $828.9 million in the nine months to September 30. Over the same period, net income was $30.7 million and earnings before interest, taxes, depreciation and amortization (EBITDA) were $235.5 million.


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