LIVE: Zynga Earnings!

APZynga’s earnings are hitting in a few minutes after the markets close, and we’ll have the numbers as soon as possible.

This post is being updated as we go, so for the latest, refresh your browser or click here.

In the meantime, here’s what analysts are talking about.

Zyng is getting ready to report its Q1 2013 earnings this afternoon, and it isn’t expected to be pretty.

The social gaming company, which found initial success with Facebook games, is going through a tough transition. Mid-last year it decided to become a mobile-first company. Since then, Zynga has gone through significant layoffs, lost key executives, shuttered games and distanced itself from Facebook. 

The mobile-first strategy involves launching roughly four mobile games for every two desktop games. Zynga is also trying to be pickier about which games to put resources behind. It’s now diligently testing games with small pockets of users before launching them to the masses. Draw Something 2, for example, has launched in limited markets while Zynga works out the kinks and prepares for a global launch. 

Zynga is also toying with real-money gambling in England, a venture it launched this month that could lucrative. It’s positioned to own the space in the United States too if and when online gambling laws are changed.

Unfortunately, it’s too early to see any of those things be positively reflected in the company’s earnings.  

Zynga’s stock is down 76% since 2012 and it’s trading at  $3.21 per share. Analysts expect Zynga to report revenue of $209.79 million, down from $311 million last quarter and down 36% year over year.  EPS is expected to be -$0.04. Last year’s Q1 EPS was $0.06.

Mobile game companies are very hit-driven and the barrier to entry is low. As Zynga struggles to find another mega-hit like Farmville and Draw Something, competition has gotten steeper. Companies like Supercell and King.com are stealing market share.

But Zynga’s users are still rabidly playing its games, spending 10.7 billion minutes on them per month.

We’ll be reporting the earnings live in just a few minutes. 

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