Zynga cuts 5 percent of work force, shutters 13 games
SAN FRANCISCO |
SAN FRANCISCO Oct 23 (Reuters) - Zynga Inc on Tuesday said it is closing its offices in Boston, has cut 5 percent of its full-time work force and will "sunset" 13 older games.
The company provided Reuters with a copy of a memo to employees in which it announced the news, which came a day before the struggling game-maker was due to report third-quarter earnings.
CEO Mark Pincus said Zynga would "sunset" 13 older games and significantly pull back its investment in "The Ville" game - a major recent initiative - as it sought to cut costs.
Rumors of the layoffs had spread on gaming blogs and over social networks during the day, and the company's shares closed down 5 percent, at $2.20.
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