The first Reuters headline on Zynga's first-quarter earnings blared that the company had lost $85 million. The update announced that it had posted a revenue of $321 million. As it turns out, both are true. 

The company, a leader in what The New York Times Magazine's Sam Anderson has called "stupid games" and a major Facebook partner, paid out its millions on stock compensation, but it was still a banner first quarter for Zynga, which bought Draw Something maker OMGPOP last month for $200 million. The Associated Press reports: "Adjusted earnings of 6 cents per share beat Wall Street’s expectations. This figure excludes one-time items such as $133.9 million in stock-compensation expenses." The predicted earnings had been closer to 5 cents a share, AP noted. But Zynga's version of Draw Something is doing extremely well, surpassing the Angry Birds as the top-selling iPhone app earlier this month. What with Amazon's $13 billion earning report also announced Thursday, the tech industry is looking mighty triumphant right now, bubble or no.

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Adam Martin