Zynga closes studios and lays off 160+

Become a member of the CGSociety

Connect, Share, and Learn with our Large Growing CG Art Community. It's Free!

THREAD CLOSED
 
Thread Tools Search this Thread Display Modes
Old 10 October 2012   #1
Zynga closes studios and lays off 160+

Haven't seen this mentioned. In a classy move Zynga closed a bunch of their studios during the apple event yesterday hoping it would go unnoticed.

Quote: J.P. Morgan analyst Doug Anmuth, as reported by the LA Times, estimates that Zynga’s total cash on hand, owned securities, and property are worth $2.46 per share.

At time of writing, Zynga stock is worth $2.35 which means investors consider stock in the company to be worth even less than its actual material wealth; it has no value whatsoever to traders.

Zynga’s stock dropped sharply at the end of last week after it lowered its forecasts; analysts don’t expect any improvement, with Sterne Agee’s Arvind Bhatia predicting “significant” layoffs over the next few months.

Zynga went public in late 2011 and pulled in $1 billion; its stock went for $10 a share before beginning a long slide from which it has never really recovered.


http://www.vg247.com/2012/10/11/zyn...othing-analyst/


Quote: Struggling social games giant Zynga is announcing sweeping layoffs and studio closures but it appears the company's engineering office in Seattle was largely spared.

Word of the layoffs surfaced earlier and was confirmed in an internal memo to employees from founder Mark Pincus.

The memo said the company is cutting 5 percent of its full-time workers and closing its studio in Boston. That would be around 160 of its roughly 3,200 positions.

Also proposed is the closure of studios in Japan and the United Kingdom.

The company is phasing out 13 older games and cutting back investment in The Ville, leading to layoffs at its Austin, Texas, studio.

Zynga's Seattle office is relatively safe because it's working on new game genres such as arcade titles, not the older franchises that are being trimmed back.


http://seattletimes.com/html/techno...closing_st.html
 
Old 10 October 2012   #2
I never saw the appeal of Zynga games to begin with, or why the company was valued so high...

I guess the "Zynga Bubble" was temporary, and is imploding now.

 
Old 10 October 2012   #3
Quote: J.P. Morgan analyst Doug Anmuth, as reported by the LA Times, estimates that Zynga’s total cash on hand, owned securities, and property are worth $2.46 per share.

At time of writing, Zynga stock is worth $2.35 which means investors consider stock in the company to be worth even less than its actual material wealth; it has no value whatsoever to traders.

Zynga’s stock dropped sharply at the end of last week after it lowered its forecasts; analysts don’t expect any improvement, with Sterne Agee’s Arvind Bhatia predicting “significant” layoffs over the next few months.

Zynga went public in late 2011 and pulled in $1 billion; its stock went for $10 a share before beginning a long slide from which it has never really recovered.


I guess zynga and facebook have something in common.
__________________
Heights of great men reached and kept were not attained by sudden flight, but they while their companions slept were toiling upwards in the night.
 
Old 10 October 2012   #4
Thread automatically closed

This thread has been automatically closed as it remained inactive for 12 months. If you wish to continue the discussion, please create a new thread in the appropriate forum.
__________________
CGTalk Policy/Legalities
Note that as CGTalk Members, you agree to the terms and conditions of using this website.
 
Thread Closed share thread



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
CGSociety
Society of Digital Artists
www.cgsociety.org

Powered by vBulletin
Copyright ©2000 - 2006,
Jelsoft Enterprises Ltd.
Minimize Ads
Forum Jump
Miscellaneous

All times are GMT. The time now is 04:59 PM.


Powered by vBulletin
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.