Zynga, the maker of online games such as FarmVille, posted an unexpected profit for the fourth quarter and beat big on revenue as it moves to tighten up its ship.
After the earnings announcement, the online game maker's shares rose more than 5 percent in extended-hours trading.
What's Zynga stock (ZNGA) doing now? Click here to track the company's shares following the earnings report.Earnings excluding items were 1 cent per share, down from 5 cents a share in the year-earlier period.
Revenue decreased to $261 million from $307 million a year ago.
However, both earnings and revenue beat expectations: Analysts had expected a loss of 3 cents per share on revenue of $212 million, according to a consensus estimate from Thomson Reuters.
For the first quarter, Zynga is now projecting revenue of $255 million to $265 million, and a loss between 2 cents to 4 cents per share. Analysts currently expect a loss of about 1 cent a share on revenue of $240 million, according to Thomson Reuters.
In October, Zynga'a chief executive, Mark Pincus, laid off staff and announced $200 million in stock buybacks after the company forecast a loss for the December quarter.
— Reuters contributed to this article
More From CNBC:
Disney Earnings Beat Expectations; Shares Rise
Exxon Earnings Beat; Oil and Gas Production Down
UPS Earnings Fall Short; Issues Weak 2013 Guidance
- Investment & Company Information
- Thomson Reuters