After beating the quarterly estimates on Wednesday, Zynga Inc boosted its full-year booking outlook, driven by good engagement from stuck-at-home players and its recent acquisition of Turkish mobile game maker Peak.
Shares of the company have jumped nearly 10 percent in extended trading, having risen around 64 percent this year through the close of Wednesday.
Zynga said it would also acquire an 80 percent stake in Istanbul-based hyper-casual game maker Rollic for $168 million in cash, just two months after Peak purchased $1.8 billion, the game maker including “Toon Blast” and “Toy Blast.”
“It is a great way to acquire users,” said Zynga Chief Executive Officer Frank Gibeau said before adding that hyper-casual mobile is currently the fastest-growing segment.
Rollic, known for “Go Knots 3D” and “Tangle Master 3D” titles, will contribute to Zynga’s ad revenue as well. The mobile game maker said that over the next three years it will purchase the remaining 20 percent of Rollic at valuations based on clear profitability targets.
The “FarmVille”-maker has strengthened its grip on the fast-growing mobile gaming market by publishing themed games of famous franchises through a slew of acquisitions and licencing deals with media outlets.
In addition to games such as “Empires & Puzzles” and “Merge Dragons! “Zynga is also known for their “Game of Thrones Slots Casino” as well it’s collection of social casino games.
— Zynga (@zynga) August 5, 2020