Zynga cuts 520 workers and shutters several offices
Found on CNet News on Monday, 03 June 2013
Hoping that further cost cuts will right its heeling ship, social-gaming company Zynga said Monday it is cutting 18 percent of its workforce and closing various offices.
The San Francisco-based company has been struggling to revive the momentum that propelled it to the forefront of Web-based social games, after newer titles have failed to get the same traction as digital-livestock diversion FarmVille did out of the gate.
The company's stock has been struggling alongside its games since it went public at the end of 2011, when shares closed below its $10 IPO price and have yet to recover. They're currently worth about $3.41 each.
It's amazing that Zynga ever was worth anything at all, considering the games they released after copying them from others.