News Summary: Zynga posts 3Q loss, shares jump

Associated Press Modified: October 24, 2012 at 7:45 pm •  Published: October 24, 2012
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BREATH OF RELIEF: Battered shares of Zynga Inc. soared in after-hours trading Wednesday after the social gaming company posted stronger-than-expected revenue for the third quarter and said it will enter the gambling business.

GAMBLING BET: Zynga said it signed a deal to offer online poker and casino games, played with real money, in the U.K. It plans to launch those games in the first half of 2013.

BUYBACK: In another attempt to appease investors, Zynga also said Wednesday that it will repurchase up to $200 million of its shares. Buybacks increase the value of the remaining shares traded on the stock market and can lift per-share earnings.



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