LAYOFFS: Zynga To Slash 18 Percent Of Workforce
The ax has begun to fall at troubled game developer Zynga again, as the company confirmed that it will lay off 18 percent of its workforce, lowering its pretax annualized cash expenses by $70 million to $80 million, and AllThingsD reported that Zynga is shuttering its offices in New York, Los Angeles, and Dallas.
The ax has begun to fall at troubled game developer Zynga again, as the company confirmed that it will lay off 18 percent of its workforce, lowering its pretax annualized cash expenses by $70 million to $80 million, and AllThingsD reported that Zynga is shuttering its offices in New York, Los Angeles, and Dallas.
Monday’s news marks the latest in a run of staff reductions for Zynga:
- In February, Chief Operations Officer David Ko announced the closing of the company’s studio in Baltimore and the consolidation of its offices in Texas and New York.
- Last December, Zynga discontinued its operations in Japan.
- Zynga laid off more than 100 employees in Austin, Texas, and closed its Boston studio last October.
The developer said the layoffs will “occur across all functions” and should be completed by August, adding that the company will record pretax restructuring charges of about $24 million to $26 million in the second quarter of 2013 and $2 million to $5 million in the third quarter.
Readers: Will Zynga be able to right the ship?
