Zynga share price drops again as US gambling launch cancelled
Games publishers responsible FarmVille and Words With Friends continues to flounder
Social-gaming publishers Zynga have cancelled their project to launch real money gambling games in the US.
The company behind FarmVille and Words With Friends are expected to take a big hit in investor confidence following the announcement, with at least three brokerages so far cutting prices on the company’s stock.
The company’s new CEO Don Mattrick said: “There’s no denying we’re not where we want to be. We have a lot of hard work in front of us and as we reset, we expect to see more volatility in our business than we would like over the next two to four quarters.”
Mattrick moved to the company from Microsoft’s Xbox division at the beginning of the July to take over founder Mark Pincus’s role. Mattrick has a reputation for moving “into organisation that have challenges”, but many wonder if Zynga is just a bridge too far.
The company found early success, raising millions from venture capitalists and its IPO in late 2011 was hotly anticipated. Early rises in share price however dropped before the first twenty four hours were out, and the company’s share price is less than $3.
However, Zynga’s success in social gaming has since been eclipsed by the likes of King and Supercell. The latter reported daily revenue of $2.4 million last month.
Like many tech firms the company is still trying to adapt in the rapid migration of users from desktop to mobile formats, with their userbase falling from 306 million to 187 million over the last year.
EastEnders Christmas specials are known for their shouty, over-the-top soap drama but tonight the show has done itself proud thanks to Danny Dyer.
Life & Style blogs
Planes go hybrid-electric in important step to greener flight
Victoria Beckham's clothing sales double to £30 million in one year
GTA 5: Christmas arrives in Los Santos as update brings snowball fights, festive jumpers and a homing missile launcher
'Tis the season!: Google celebrates Christmas Eve with second animated Doodle
Christmas 2014: Jesus was not born in a stable, says theologian
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
- 1 Planes go hybrid-electric in important step to greener flight
- 5 Hip hop is both racial and political, and for Iggy Azalea to suggest otherwise is insulting
iJobs Gadgets & Tech
£35000 - £45000 per annum: Ashdown Group: Moodle Developer (PHP ,Linux, Apache...
£17000 - £30000 per annum: Recruitment Genius: This is a fantastic opportunity...
£21000 - £26000 per annum: Recruitment Genius: This Award-winning pharma softw...
£30000 - £45000 per annum: Recruitment Genius: A Senior Java Developer is requ...