4/11/2023 0 Comments Petville facebook![]() ![]() ![]() ![]() To get the company back on track, Zynga announced a deep set of cost cutting measures including laying off over 100 employees, shutting down titles, closing offices and significantly reducing investment in The Sims-style game The Ville. Zynga’s share price is down 3.52% to $2.33 from its $10 IPO price a year ago. Investors feared it had become bloated, free virality on Facebook had been curtailed, competitors were proliferating, and the shift of Facebook users to mobile from Zynga’s stronghold on the desktop canvas would break the company. But recently Zynga shares prices have been plummeting. Everything seemed to go great till the IPO. Zynga had a brilliant start by launching titles after titles and grew as Facebook grew. It has been a tough journey recently for Zynga and with layoffs already done, this seems to be another move to get the company back on track. Continuing with that Zynga has shut down, pulled from the app stores, or stopped accepting new players to eleven games, with some turning off today.The objective is to reallocate resources to more successful titles as well as creating new ones. Zynga CEO Mark Pincus announced the company’s cost reduction plan in November.
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