Zynga amends IPO filing
Changes to revenue and employee numbers prove that social networking giant is going ahead with IPO
Social gaming giant Zynga has revised the S1 document for its much publicised initial public offering. The amendments to the filing affect revenue reported for the quarter ending March 31.
"We have restated our unaudited consolidated financial statements as of March 31, 2011 and for the three months then ended to reflect a correction in our accounting policy to properly apply changes in our estimated average playing period for paying players. The impact of this restatement was to increase revenue by $7.5 million and increase the provision for income taxes by $2.5 million for the three months ended March 31, 2011 and decrease deferred revenue by $7.5 million as of March 31, 2011."
It also showed that while 93 per cent of revenue came from just three games in 2008, in 2011 that figure stands at just 63 percent.
It also notes an increase in employee numbers from 2268 to 2543.
Zynga filed for the $1 billion IPO at the beginning of July.
Yesterday Zynga confirmed that Jeremy Verba, its GM, was leaving the company for dating site eHarmony.
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