Zynga beats estimates with $183M in revenues — but it’s cutting 364 jobs

Zynga may have recently dropped former chief executive officer Don Mattrick, but it’s not because it was having a bad quarter.

The casual game publisher reported revenues of $183.3 million during the first quarter of the year. That beat Wall Street estimates of $150 million by a wide margin. The FarmVille company also reported an earnings loss of 1 cent per share as opposed to an expected loss of 2 cents. This beat comes at a good time for Zynga, which has struggled continuously for the last several years to transition from Facebook to mobile games. But despite the good news, Zynga announced that it is going to layoff 18 percent of its workforce, which is around 364 people.