Embattled Zynga Inc
Zynga Inc has shuffled its top management
"In order to unify our company around a multi-platform approach, we reorganized our teams in July to integrate web and mobile groups," Zynga said. Zynga shares were trading at $2.84 on Wednesday, down 4 percent on the day and 72 percent below the company's IPO price of $10 in December.
The shakeup reflected the company's move to prioritize its mobile offerings to compete in the fast-changing social gaming market, where users have been abandoning desktop games to play on smartphones instead. "Our players expect their favorite games on every platform, and we want to unlock everyone in the company to continue moving quickly against the multi-platform opportunity," Zynga said.
A swift decline in players of its traditionally strong, Facebook-based games, which generate more than 90 percent of Zynga's revenues, stung the company in the second quarter. Zynga last week reported results that fell short of Wall Street expectations and slashed its full-year forecast, sending its stock tumbling 40 percent. This week, two law firms have filed class-action shareholder lawsuits against the company.
Published Date: Aug 02, 2012 10:58 am | Updated Date: Aug 02, 2012 10:58 am