Zynga beats Q1 earnings estimates

Zynga reported first quarter earnings of 6 cents a share, beating analyst estimates for the social game company’s second-ever earnings announcement.

The publisher of social games such as FarmVille reported non-GAAP net income of $47 million on revenues of $321 million, compared with from net income of $75 million on revenues of $242 million a year earlier. The company foresees 2012 earnings per share of 23 cents to 29 cents a share.