![]() ![]() We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. #Omgpop writedown free#Try any of our Foolish newsletter services free for 30 days. The Motley Fool has no positions in the stocks mentioned above. The article Zynga Cuts Jobs, Games originally appeared on .ĭan Carroll has no positions in the stocks mentioned above. We appreciated Omgpop for what it was and still do. If you had the chance to enjoy omgpop, even if for a little while, then just know that we all share a mutual memory of a happy place. ![]() The $180 million acquisition ultimately forced a $90 million writedown. Omgpop was the right combination between a gaming website with a social media format - which is exactly what made it so appealing. Zynga has struggled through numerous quarterly losses recently as well as suffering through the aftershocks of its acquisition of fellow social gaming start-up OMGPop. Its shares have already lost more than 75% year-to-date. Zynga reduced its guidance for the year, spooking investor confidence. The changes come after a bleak quarterly report earlier this month that sent shares tumbling. Pincus announced the closure of Zynga's Boston studio and spoke of proposed closures in Japan and the U.K. The job losses are "the most painful part of an overall cost reduction plan that also includes significant cuts in spending on data hosting, advertising and outside services, primarily contractors," he wrote. It will also be "sunsetting" 13 games and significantly reduce its investment in The Ville.ĬEO Mark Pincus wrote the blog post. Zynga ( NAS: ZNGA) will be cutting 5% of its full-time work force, the company announced in a post on its blog yesterday. ![]()
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