Zynga announces substantial cost reductions
Zynga Inc., a leading provider of social game services, today announced substantial cost reductions, including a workforce reduction and closure of various office locations that will result in an estimated $70 million to $80 million in pre-tax annualized cash expense savings.
Zynga posted a loss Wednesday of $22.8 million for the quarter, cementing concerns about the company, which has seen player engagement and enthusiasm for its games decline in recent months.