Zynga’s stock rose from Friday through the stock market’s closing today, ahead of the company’s second quarter earnings call. The developer’s shares rose from $4.50 on Friday to a high point of $5.22 before today’s final price of $5.08. Following the call, though, after-hours trading shows the stock at an all-time low of $3.17 a share (a 37.57 percent decrease).

COO John Schappert described Q2 as “a challenging quarter” during the earnings call. The company’s revenue came in at $332 million this quarter, as opposed to earlier estimates of $344.12; this meant the company’s earnings-per-share was $0.01 instead of the original $0.06 estimate. So far, Zynga’s EPS for the year is $0.04 to $0.09.

Zynga’s stock hasn’t returned to its $10 IPO point since March and has been struggling ever since the company’s first earnings call on April 26, when it had a net loss of $85.4 million. Shares dropped steadily for several weeks before getting pummeled during Facebook’s problematic IPO on May 18. The stock also took a beating in the in the middle of June’s Zynga Unleashed event.

Investors clearly haven’t had their faith renewed in the company’s perceived over-reliance on Facebook for its business model, in spite of the recent announcement that it’s the world’s largest mobile game developer, the new mobile publishing program and more developer partners for its Zynga.com portal.