I don't see where the disaster is. I think a lot of day traders sold off yesterday into the hysteria and now the market is spooked. That in combination with a down day in the broader market. I still think we'll see at least 20$. The only thing really negative about earnings was the one time 500$ mil loss but that has nothing to do with the profitability of ZNGA.
The disaster was volume based (decelerating growth) given a huge run up before earnings and a price that is a huge multiple of sales. If Apple was priced at the same multiple of sales its stock would be priced in the thousands per share.