Zynga's stock fell as much as 12% in after-hours trading after the company reported that revenues fell 18% in its latest quarter compared to the year-ago period.
Though Zynga's revenues were higher than analysts had predicted -- $230 million vs. an expected $210 million -- earnings per share came in at $0.01 vs. the $0.03 that had been estimated. The company is predicting revenues of $225 million to $235 million in the second quarter. Revenues in the first quarter of 2012 were $321 million.
In a press release announcing the results, Zynga praised the strong performance of FarmVille 2, which has drawn 40 million monthly users. However, Zynga's monthly active users and daily active users are down from last year at this time. The company claims 253 million monthly users vs. 292 million in the first quarter of 2012, a 13% decrease. Monthly active users also fell 15% since last quarter.
Zynga's stock price is also down about 65% since the company went public in December 2011.