Zynga slashes games and jobs in effort to regroup
Zynga dealt a blow to time wasters and procrastinators when it ended several of its games yesterday as part of a wider retrenchment, TechCrunch reported.
The social gaming company skyrocketed into the collective brainspace with addictive fare like the simulation "FarmVille" and "Words with Friends." But the public markets haven't been kind to the company. Its ongoing restructuring effort involves cutting more than 100 jobs, closing offices and eliminating more than a dozen of its titles.
TechCrunch wrote that, "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."Zynga went public in December 2011 at $10 per share. On Monday morning it was trading at $2.37. It has not traded above $4 since July.
Games shut down this month include "PetVille," "Mafia Wars 2," "FishVille," "Vampire Wars," and "Treasure Isle."