iBankCoin
Joined Nov 11, 2007
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$ZNGA to Pink Slip 18% of Workforce After Announcing Poor Earnings

“Zynga confirmed it was laying off 18 percent of its workforce — which represents 520 employees — in a bid to reduce costs, as it seeks to drastically restructure its troubled business.

The move today will affect every part of the San Francisco social gaming company, cutting $80 million in staff costs. It will also include the closing of its offices in New York, Los Angeles and Dallas, as well as other infrastructure costs, adding to the total expense reduction.

In addition, Zynga has now said in a press release that it is downgrading in its investor guidance for the second quarter with results at the lower end of what Wall Street has been expecting….”

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