Weeks ahead of its official Q3 earnings report, the social media games company Zynga has released a "preliminary financial results" report, rarely a positive sign on Wall Street.

The company said late Thursday it will earn around $300 million this year in Q3 2012, down from $332 million last quarter. Most notably, the company took a write-down of $85 million to $95 million on the value of OMGPOP, makers of Draw Something—more than half of what the company paid for it earlier this year. That means Zynga drastically overpaid for the smaller gaming company.

Needless to say, analysts are not happy with where things are going for the San Francisco company.

"They suck at forecasting," said Michael Pachter, an analyst at Wedbush Securities. "Nine weeks ago they thought they’d got [their estimates] down to as low as they could be and now they’re down another 20 percent, which means that their monetization is deteriorating faster than we thought."

He said that while Zynga has added more and more overall users, it is struggling to make money off of them.

"With the tough time Zynga is having you would expect there to be changes to address how they make and monetize games," said Brian Blau, an analyst at Gartner Research. "It will be interesting to see if and how much the [average revenue per user] and engagement have fallen once they release the quarterly results, and that could shed more light on the depth of the troubles. But you can imagine the 'ville games and the write down on OMGPOP mean those games are losing players beyond what it takes to maintain a healthy game business."

In late August, we reported that the company had been losing top executive and managerial talent, also a sign that things were taking a turn for the worse at Zynga. In the same report, the Zynga's CEO acknowledged the failure, but said that the company remained strong in the mobile games sector.

"The third quarter of 2012 continued to be challenging and, while many of our games performed to plan, as a whole we did not execute to our satisfaction," CEO Mark Pincus said.

As of press time, the company’s stock had lost 19 percent of its value in one day, closing at $2.82, and falling even more in after-hours trading.