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  1. #1

    Join Date
    Aug 2011
    Lahore, Pakistan
    Blog Entries

    Zynga will cut 18% of staff

    The Company is taking austerity measures. Creator of online games Zynga announced plans to cut 18% of its workforce, or about 520 employees. This measure is necessary for the company's austerity measures, which had been announced earlier, as well as for the release of funds Zynga, the company needs to switch on the development of mobile games.

    In Zynga said that this measure will save the company about $ 70-80 million a year. The blog CEO Mark Pincus said that the cost-cutting measures also provide for closure of a number of offices. Pincus said that the measure - the work to be proactive, aimed at strengthening the financial future.

    "By reducing our costs today, we will offer a key opportunity for developers to offer in the future, new breakthrough projects", - he said.

    According to the company, in the current quarter, which expires in June, Zynga expects a net loss of $ 28,5-39 26,5-36,5 million $ million initially. The company's revenue could be between $ 180 million to $ 190 million, with major revenue here will not go to subscriptions for new games, and the built-in purchases of existing projects.

    Information on news the company's shares fell 12% to $ 2.99 and trades with them suspended twice during the day. Recall that Zynga an IPO in December 2011, and then her papers were worth $ 10.

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