TechCrunch

Three months after going public, Zynga is having its first quarterly earnings call this afternoon, and expectations are high.

Public investors had given the social gaming developer a cool reception the first couple months it was on the market, with shares staying below its relatively conservative $10 opening price. That has changed in the last several weeks. It started gaining ground around the time that online gambling began to look like a new revenue stream for the company.

But the main reason for the investor optimism is Zynga’s big and possibly growing returns from Facebook’s platform. The social network’s recent S-1 filing explicitly said that Zynga accounted for 12% of its revenues, by generating payments through its Credits virtual currency, and by buying its ads to get users to games. A closer reading of the revenue numbers in the S-1, which covers through the end of 2011, shows…

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