Zynga to Lay Off 520 Employees
Zynga, the social gaming app development company behind many popular games including FarmVille and Words with Friends, is closing multiple offices and laying off 520 people, about 18 percent of its staff in a move to cut margins. The company says this move will save them about $70-80 million in expenses.
Here is more from the press release:
The workforce reduction will occur across all functions and is expected to be substantially complete by August 2013. Zynga will record pre-tax restructuring charges of approximately $24 million to $26 million in the second quarter, and $2 million to $5 million in the third quarter.
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