Zynga, the mobile gaming company known for such hits as Words with Friends, Farmville, and Mafia Wars, is doing incredibly well for itself according to a recent financial report. This report shows that the company stock shares have boomed up 55.9% in 2020, an unprecedented amount of growth.
It's worth noting that, across the board, most video game companies have been doing particularly well as a result of the coronavirus. With more people staying home and having free time on their hands, they are turning to video games to keep themselves occupied. Zynga is no exception to this rule.
Still, onlookers would be remiss to assume that this is the only reason, as Zynga has also made several big-name acquisitions in the last two quarters which are no doubt playing a role in its massive growth spurt. Both Small Giant Games and Gram Games are now owned by Zynga, further expanding its library.
According to The Motley Fool, Zynga's growth is seeing it outperform industry giants such as Activision, Blizzard, and EA. While this may be surprising to some hardcore gamers, it shouldn't be given that mobile gaming has a much wider audience than console games.
Zynga stock is up 55.9%.
Source: The Motley Fool