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Mobile game developer Zynga Inc (NASDAQ:ZNGA) has had quite an impressive year so far and that has been reflected in the performance of its stock as well. The stock had hit its low point this year in March but since then it has gained almost 100% and at this point, it has shown no signs of actually slowing down.

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What to Expect Now?

In such a situation, it is important for investors to perhaps take a closer look at the stock. As a matter of fact, some are even making the argument that the stock could gain another 100% from this point on as well. Here is a look at some of the reasons behind the heightened bullishness about the Zynga stock.

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In its second quarter financial results, the company reported a loss of $0.16 per share and revenues of $451.7 million. While the loss per share was in line with analysts’ estimates, the revenue beat estimates of $428.1 million. Revenues grew by 47.4% from the year ago period. However, that is not all.

The company’s projections for the rest of the year are also quite bullish. Zynga has projected bookings of as much as $620 million for the third quarter and on top of that, the company expects yearly bookings for 2020 to hit $2.20 billion.

On the other hand, there are other important factors that have enabled the company to grow and deliver such returns on its stock. One of Zynga’s more important offerings is its live services segment and that portfolio of products drove a lot of growth in recent times. Some of the titles like Words with Friends and Empires & Puzzles among others were major growth drivers.

The company’s acquisition strategy has also paid off big time in recent times and it was the acquisition of Peak that really expanded Zynga’s live services portfolio. It brought some highly popular games to the company’s portfolio and was one of the main reasons behind Zynga’s decision to raise its projections for the full year.

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The coronavirus pandemic has also worked to its advantage as more and more people spent time on mobile games during the lockdowns. It is believed that the growth will continue even after the pandemic is finally over. Zynga believes that most of its revenues for the full year are going to be driven by its live services segment. The company is also expected to expand into new markets in the coming months and that could spark another cycle of growth.

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