Zynga cuts 520 workers and shutters several offices ...
Jason Belich stashed this in *boggle*
Why isn't Pincus on the layoff list?
Does he still have personal control? b/c there should have been a shareholder rebellion long before this.
Clever use of quotation marks in the CNET article:
Zynga posted the news on its blog. Zynga must shrink before it can grow again, CEO Mark Pincus told workers in his memo, a situation that somehow nobody at the 5-year-old company "ever expected to face."
He also said the Zynga "brothers and sisters" will be getting generous severance packages along with their "painful goodbyes."
And Kara Swisher has a sad cow in her article:
But back to Zynga. Nobody "ever expected to face" this challenge:
None of us ever expected to face a day like today, especially when so much of our culture has been about growth. But I think we all know this is necessary to move forward. The scale that served us so well in building and delivering the leading social gaming service on the Web is now making it hard to successfully lead across mobile and multiplatform, which is where social games are going to be played.
Zynga and generous in the same sentence? okay that's several different types of funny...On the other hand: a $2~ stock price sounds alot the market rebelling...
Yes and no. Zynga's market cap is still $2.4 billion. Take a moment and let that sink in.
but it was at ~$15B at one point. I am SO FRIGGIN GLAD i told their recruiters to stop bugging me back then...
The people still at Zynga truly believe in the company. That's 2500 true believers.