(http://readwrite.com/files/styles/800_450sc/public/fields/RWMNow_DarkBlue.jpg) Zynga, the social gaming company that rode the Facebook wave on its way up, is finding the way down brutal. The company is laying off 18% of its staff (http://investor.zynga.com/releasedetail.cfm?ReleaseID=768775) - 520 employees, to be precise - in yet another move to slow its rapid decline. The company is also closing its New York, Los Angeles, and Dallas offices as part of an effort to save $80 million. AllThingsD first reported the story (http://allthingsd.com/20130603/zynga-to-lay-off-520-employees-18-percent-of-staff-and-shutter-new-york-and-la-offices/).
(See also: Can Zynga Bounce Back With Online Gambling? (http://readwrite.com/2013/02/26/zynga-hopes-to-overcome-its-troubles-with-online-gambling#feed=/search?keyword=zynga))
Zynga's recent efforts to stem its bleeding have included a management shake-up in April (http://allthingsd.com/20130404/zynga-rejiggers-comp-in-a-bid-to-retain-top-execs-and-tie-to-performance/) and some changes to its board of directors. Now it's time to see if drastic cost-cutting and a reorientation toward mobile can save the once high-flying purveyor of Farmville and related social games.
ReadWrite