Social gaming site, Zynga (NASDAQ: ZNGA), was the first in the series of social gaming IPOs that actually dropped on Friday and did not experience the same pop that peers LinkedIn (NYSE: LNKD) and Groupon (NASDAQ: GRPN) had. Zynga raised $1 billion after pricing 100 million shares at $10 per share. The company is valued at $6.64 billion and is almost the same size as experiences rival Electronic Arts (NASDAQ: ERTS). EA has been in the business for quite some time and is playing catch up to Zynga on social gaming sites such as Facebook. Zynga had revenue of $828 million in the first 9 months of the year and net income of $30.7 million. The company has 54 million daily users. Comparatively, Electronic Arts $2.8 billion in the first 9 months of this year, and made $32 million during this period. EA is also going head to head against Activision (NASDAQ: ATVI) with their console and PC business. The video game industry sure is heating up.
Zynga stock is down just 1 cent in premarket trading.
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