Zynga lost $435 million, or $1.22 per share, in the period. That's down from earnings of $16 million, or 5 cents per share, a year earlier.
Adjusted earnings were 5 cents per share, beating analyst expectations. This excludes $510 million in stock compensation expenses triggered by the IPO.
Revenue rose 59 percent to $311 million as Zynga grew its user base, ad revenue and the money it makes from games such as "FarmVille" and "CityVille."
Analysts surveyed by FactSet expected Zynga to earn 3 cents per share on revenue of $302 million. Zynga's stock is declining after-hours.