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Zynga Cutting 18 Percent of Staff
Thursday May 7,2015 : ZYNGA PLANNING STAFF CUTS
18 percent cut envisaged to get back to profitability.
Despite a relatively positive first quarter in which revenues rose 9 percent to $183.3 million and net losses were reduced to $46.5 million, the troubled San Francisco-based social gaming giant Zynga has announced plans to cut staff numbers.
The company says the cuts will save around $45 million a year and affect around 18 percent of its staff as a return to profitability is sought.
Two years ago the company laid off 520 people.
News of the latest job cuts plan saw the company's share price rise more than 9 percent.
Zynga's quarterly showed that the company's belated recognition of mobile as an essential channel has resulted in 63 percent of its $167.4 million virtual product sales in the quarter emanating from mobile...a massive increase compared to the previous year. Monthly and daily mobile user numbers were both significantly up.
On the gaming front, casino sales were up 55 percent y-o-y, with slots titles particularly successful
The company will be concerned at a drop in its player conversion rate, which is now at 1.5 percent, with average daily user numbers down 3 million to 25 million, although average daily sales per user were up 18 percent in the quarter to 6.5 US cents.
Looking ahead to the end of Q2, the company says it expects its net loss to rise to as much as $54 million.
Oink Country Love Slot Launches -
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Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
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Sensational Sixes Slot Goes Live -
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3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
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