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Zynga dives on bleak bookings forecast, acquisition plans

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Zynga's disappointing full-year bookings forecast due to a slowdown in gaming, and announcement of a potential acquisition worth over half a billion dollars dragged the mobile developer's shares 20% lower in extended trading.

The company said on Thursday it agreed to buy China's StarLark, the creator of "Golf Rival", for $525 million in a cash-and-stock deal.

U.S. spending on mobile sports genre rose to $648.8 million, a 16% jump between June 1, 2020 and May 31 2021, data from analytics firm Sensor Tower showed. Rollic, a hyper-casual mobile game developer that Zynga acquired in 2020, has racked up over 1 billion downloads globally from its 15 titles that include the popular game "Hair Challenge".Zynga lowered its full-year net bookings - an indicator of future revenue - to $2.8 billion from its earlier estimate of $2.9 billion, as user activity fell in the summer.

 

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