Over the course of the last ten years Zynga has seen its fortunes rise and fall more than a few times. But throughout its trials and tribulations, the once mighty social gaming company has always been able to count on Zynga Poker and social slots to produce a steady revenue stream.

Unfortunately, for the San Francisco-based outfit, the days of reliable social gambling revenue have come to a halt.

In its most recent earnings report, Zynga reported revenue of $233.2 million, which sounds pretty good until you look at the details of the report. Alongside that huge revenue was an alarming 15 percent drop in adjusted revenue and a 44 percent drop in net income from the previous year’s report.

Even worse, the company’s social slots and social poker products both saw small but significant drops earnings drops. The social slots division clocked a nine percent revenue drop while Zynga poker dialed in a similar slip.

All this bad news helped drive a three percent dip in Zynga’s stock prices, which fell three percent on the report.

There are, however, a few rays of hope on the horizon for the once-mighty social gaming giant. Marketwatch.com is reporting that Zynga has entered into licensing deals with some big name entertainment franchises that could help turn their fortunes. Over the course of the next year, Zynga will be developing a number of mobile games based on Game of Thrones, Harry Potter, and Star Wars, which could bring in new customers and fire up tired earnings reports.

Whatever its current situation is, Zynga is widely credited with creating the social gaming segment with early Facebook gaming hits such as Farmville and Mafia Wars.

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