Zynga’s Irish Operation Loses $50M

Online gaming firm Zynga has reported that its Irish operation made a pre-tax loss of $50 million (€37.6 million) last year after it was hit by impairment charges.

Accounts filed by Zynga Game Ireland show that the company’s revenue grew to $512 million, a significant increase on the $369 million record in the previous year.

Despite the figures, Zynga Game Ireland recorded an impairment charge of $27.8 million on the investment of a Japanese subsidiary, as well as a $28.7 million on intangible assets, following the revised value of OMGPOP, the social game provider Zynga purchased in March 2012.

The firm’s US-based parent company Zynga Inc. posted revenues of $1.28 billion for the same period.

In addition the global operation recorded impairment on intangible assets of $95 million in 2012, as well as a net loss of $209 million.

The disappointing figures are the latest blow to Zynga, which has suffered in recent times due to the success of competitors such as King, the creator of Candy Crush Saga.

In June, Zynga announced that it would cut 520 jobs from its global workforce and close game studios in Los Angeles, New York and Dallas.

The firm also opted to drop plans for real-money gaming in the US after it posted disappointing results in the second quarter.

Zynga will publish its third quarter financial figures on October 24.

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