iGaming Business – Don Mattrick, the chief executive officer of Zynga, has said he is “encouraged” by the social gaming company’s performance during the three months through to September 30 despite suffering further financial losses.

Revenue for the third quarter amounted to $176.6 million (€142.5 million), down from the $202.6 million generated in the corresponding period last year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also dropped from $6.9 million in the third quarter of 2013 to $2.2 million in the same period this year.

In addition, net loss increased significantly from a negative of just $68,000 last year to a loss of $57.1 million in the most recent quarter.

Despite these negative figures, bookings during the period jumped from $152.1 million in Q3 of 2013 to $175.5 million this year.

The latest quarterly results place Zynga’s revenue for the nine months ended September 30 at $497.9 million, down from $696.9 million at the same point last year.

Adjusted EBITDA has slumped from $43.9 million to $30.5 million while net loss increased from $11.7 million last year to $180.8 million in the first nine months of 2014.