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Zynga to cut 18 percent of workforce

2013-06-04 08:34:00| Telecompaper Headlines

(Telecompaper) Social game service company Zynga has announced plans to save an estimated USD 70 million to USD 80 million a year by shutting various offices and reducing its global workforce by 520, or 18 percent of the total. The job cuts will occur across all functions and are due to be complete by August. Zynga will take a USD 24 million to USD 26 million restructuring charge in the second quarter and USD 2 million to USD 5 million in the third quarter related to the move. The company has increased has reaffirmed its second quarter outlook for revenue, EPS and adjusted EBITDA, but has lowered its guidance for net loss. It now anticipates a USD 39 million to USD 28.5 million net loss in the second quarter, compared to its previous guidance of USD 36.5 million to USD 26.5 million. A person familiar with the matter told Bloomberg that the offices to be closed are in New York, Los Angeles and Dallas. The cost cuts are related to disappointing sales of games outside the Farmville range.

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