Below are the prepared remarks from Zynga CEO Don Mattrick. Today’s remarks focused on (1) Zynga Inc (NASDAQ:ZNGA)’s Q2 financial results and updated guidance (2) Zynga’s progress against company’s strategy of grow and sustain and create new (3) Zynga’s entrance into the Sports category and multi-year licensing agreements with the NFL, NFL Players Inc. and Tiger Woods and (4) Zynga’s multi-year agreement with Warner Bros. Interactive Entertainment to expand our offering in the Runner category with their beloved Looney Tunes brand.
Don Mattrick, CEO, Zynga:
Thank you Darren and welcome to everyone joining us on our Q2 conference call. Today we will be discussing our quarterly performance and our financial guidance as well as providing an update on our strategy.
It's no secret that this year has been a volatile one for the markets. The S&P 500 is down 18% year to date, while the Nasdaq Composite is off by 27% year to date. Meanwhile, the VIX, a key measure of volatility, is up 49% year to date at 24.72. However, it has spiked as Read More
Looking at our quarterly financial performance, in Q2 we reported bookings and adjusted EBITDA within the lower end of our guidance range. We generated $175 million dollars in bookings, up 9 percent sequentially, and Adjusted EBITDA of $14 million dollars driven by the performance of our core franchises and the recent mobile launch of FarmVille 2: Country Escape. While our quarterly financial results were in line with our guidance range, we aspire to do better and improve execution across our business.
We are in the midst of a multi-year transformation and we are building Zynga and NaturalMotion against a growing market opportunity. Our industry is growing at a fast clip in relation to iOS and Android. Our industry continues to have a large addressable web audience and market opportunity on Facebook. For Zynga and NaturalMotion to realize our true potential, we need to grow in mobile and continue to build great products on the web. Our intention is to build games that fit the way consumers are playing across various platforms. That means, we will offer games that are mobile-only, web-only and connected between web and mobile platforms based on consum