Zynga (ZNGA +3.6%) is rallying after top social gaming rival KING finally filed a public F-1; the Candy Crush Saga developer is believed to have confidentially filed for an IPO last September.
King, which is looking to raise $500M, saw its bookings rise nearly 11x in 2013 to $1.98B, and (in spite of 30% cuts for Facebook, Apple, and Google) its net profit grow to $567.6M from a mere $7.9M The top and bottom-line figures suggest a $10B+ market cap isn't out of the question.
At the same time, the filing shows King remains (in spite of the popularity of a few other titles) very dependent on Candy Crush (responsible for 78% of Q4 bookings and 73% of King's 128M December daily active users) and that the game's popularity may be starting to wane. Investors with memories of Zynga's boom-bust cycle are bound to take notice.
King's Q4 bookings, while up nearly 9x Y/Y, fell by $16M Q/Q to $632M. Likewise, its monthly unique payers dropped 7% Q/Q to 12.2M. On the other hand, total monthly active users rose 13% Q/Q and 6x Y/Y to 408M.
73% of King's Q4 bookings came from mobile, and 56% came from North America. King claims its mobile games have been installed 500M times, and were played 1B times/day in December.
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