San Francisco-based social gaming firm Zynga saw a boost on Tuesday as word that rival King Digital Entertainment – maker of the wildly popular Candy Crush Saga – filed for an initial public offering.
Zynga Inc. announced Thursday it was cutting 15 percent of its workforce in a turnaround effort while buying NaturalMotion, the company behind the hit mobile games “CSR Racing” and “Clumsy Ninja,”
Earlier this summer, Zynga Inc. hired Mattrick from Microsoft, where he led the Xbox business. Mark Pincus, Zynga’s founder, remains chairman and chief product officer after handing CEO duties over to Mattrick.
Zynga narrowed its second-quarter losses as the troubled company laid off workers and trimmed other expenses to help offset its difficulty coming up with compelling games to play on smartphones and tablet computers.
Zynga says its CEO, Mark Pincus, is stepping down to be replaced by Don Mattrick, the head of Microsoft’s Xbox business.
Online game maker Zynga says it is cutting 520 jobs, about 18 percent of its workforce, and closing some offices.
Zynga reported a small profit in the first three months of the year, as the online game company reduced expenses. But a revenue decline and a lower-than-expected second-quarter forecast are sending its stock tumbling.
Online game maker Zynga announced this week that Dan Porter is leaving. Porter was the former CEO of OMGPop, which Zynga bought out for a reported $210 million in 2012.
Online game maker Zynga is reporting a smaller net loss and nearly flat revenue for the fourth quarter of 2012, a year in which its stock price shrank 75 percent.
Online games company Zynga said it has asked Nevada gambling regulators for a decision that could pave the way for it to enter the U.S. gambling market.