It's no secret that the overall economy has been lousy for some time and the past couple of months have been especially bad for the stock markets with major losses and lots of volatility. Before this summer, it looked like Facebook-based game publisher Zynga was getting close to opening up the company to stock buyers. Now, according to The New York Post, Zynga may be delaying its IPO launch for at least a couple of months.
Zynga filed for its IPO back in July and reportedly was going to launch the stock offering as early as September. However, the New York Post story today, using unnamed sources, claims that due to the current state of the stock market, Zynga isn't quite ready to make that plunge. It could delay its IPO until sometime in November. The story claims that Zynga will have a better idea of when it will launch its public stock offering sometime after the Labor Day weekend.
When Zynga first filed for its IPO back in July the company said it wanted to raise $1 billion. The overall value of the company could be between $15 and $20 billion. Zynga also announced that in 2010 it recorded $597 million in revenues from its many games including Farmville, Frontierville and others. It also generated a profit of $90.6 million for that year. For the first quarter of 2011 Zynga recorded $235.4 million in revenue with a profit of $11.8 million. The company currently has about 60 million players worldwide.