Zynga announced financial results for the first quarter ended March 31, 2016. Revenue was $187 million, an increase of 1% compared to Q4 2015.
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This is an increase of 2% compared to the first quarter of 2015. Online game revenue was $137 million, an increase of 6% compared to the fourth quarter of 2015 and a decrease of 7% compared to the first quarter of 2015.
Advertising and other revenue was $50 million, a decrease of 12% compared to the fourth quarter of 2015 and an increase of 41% compared to the first quarter of 2015.
Zynga Poker, Hit It Rich! Slots, Wizard of Oz Slots and FarmVille 2 accounted for 19%, 15%, 15% and 14% of online game revenue, respectively, for the first quarter of 2016 while FarmVille 2, Zynga Poker, FarmVille 2: Country Escape and Hit It Rich! Slots accounted for 20%, 19%, 16% and 15%, respectively, for the first quarter of 2015.
Bookings: Bookings were $182 million for the first quarter of 2016, flat compared to the fourth quarter of 2015 and an increase of 8% compared to the first quarter of 2015.
Net income (loss): Net loss was ($27) million for the first quarter of 2016, compared to net loss of ($51) million for the fourth quarter of 2015 and net loss of ($46) million for the first quarter of 2015.
The quarter-over-quarter decrease in net loss was primarily due to lower costs and expenses (primarily, in order of significance, restructuring expense, the elimination of duplicative data center costs and marketing costs).
Adjusted EBITDA: Adjusted EBITDA was $11 million for the first quarter of 2016, compared to $2 million in the fourth quarter of 2015 and $2 million for the first quarter of 2015.
The quarter-over-quarter change in adjusted EBITDA was primarily due to the elimination of duplicative data center costs and, to a lesser extent, lower marketing costs due to seasonality in the fourth quarter of 2015.
Non-GAAP net income was $2 million for the first quarter of 2016, compared to non-GAAP net income of $0.4 million in the fourth quarter of 2015 and non-GAAP net loss of ($7) million in the first quarter of 2015.
Diluted net loss per share was ($0.03) for the first quarter of 2016, compared to diluted net loss per share of ($0.06) for the fourth quarter of 2015 and diluted net loss per share of ($0.05) for the first quarter of 2015.
Non-GAAP earnings per share was $0.00 for the first quarter of 2016, compared to non-GAAP earnings per share of $0.00 for the fourth quarter of 2015 and non-GAAP loss per share of ($0.01) for the first quarter of 2015.
As of March 31, 2016, cash, cash equivalents and marketable securities were approximately $857 million, compared to $987 million as of December 31, 2015.
In the first quarter of 2016, we repurchased 42.2 million shares of Class A common stock at a weighted average price of $2.40 per share for a total of $102 million.
Cash flow from operations was ($3) million for the first quarter of 2016, compared to $3 million for the fourth quarter of 2015 and ($47) million for the first quarter of 2015.
Free cash flow was ($6) million for the first quarter of 2016 compared to $3 million for the fourth quarter of 2015 and ($49) million for the first quarter of 2015. ■