November 3, 2015 / 9:12 PM / in 2 years

"Farmville" creator Zynga's CFO steps down

(Reuters) - “FarmVille” game maker Zynga Inc said Chief Financial Officer David Lee was stepping down and Chief Accounting Officer Michelle Quejado was taking over as interim CFO.

The Zynga headquarters is pictured in San Francisco, California April 23, 2014. The social games services provider is scheduled to report first quarter earnings. REUTERS/Robert Galbraith (UNITED STATES - Tags: BUSINESS) - RTR3MD3C

Zynga also said on Tuesday that it would delay the launch of its “Dawn of Titans” and “CSR2” games to 2016 from the fourth quarter planned earlier.

Lee, who joined Zynga from Best Buy Co Inc in April last year, will leave the gaming company in December.

The company also reported bookings of $176 million for the third quarter, beating the average analyst estimate of $170.8 million, according to research firm FactSet StreetAccount.

However, Zynga forecast bookings of $165 million-$180 million for the current quarter, well below analysts’ expectations of $193.9 million.

Bookings equal revenue recognized in a period plus the change in deferred revenue.

Zynga records the sale of virtual goods and downloads as deferred revenue, which is added to the company’s books as and when these items are consumed.

The company also said it would buy back up to $200 million in shares.

Zynga’s revenue rose 10.8 percent to $195.7 million in the quarter ended Sept. 30, driven by the success of games such as “Wizard of Oz Slots” and “Words With Friends”.

It posted a profit of $3.1 million, or breakeven per share, compared with a loss of $57.1 million, or 6 cents per share, a year earlier.

Reporting by Anya George Tharakan and Alan John Koshy in Bengaluru; Editing by Kirti Pandey

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