Zynga Lays Off 100 Employees While Stocks Plummet
Author: William Usher
published: 2012-10-23 15:23:26
Zynga just isn't having a good year are they? I guess all that lying, conniving and stealing has finally caught up to them, eh? New reports have emerged confirming that Zynga has laid off more than 100 employees while their stock hits an all time low.
Gamasutra is reporting that many employees at Zynga's Austin studio in Texas are without a job due to the studio closure. The entire event took place during Apple's announcement of the iPad Mini, with some believing that the big news from one tech giant would cover the move by another tech giant. But alas, social media was the dead giveaway as many sites were tipped off to massive layoffs when Justin Maxwell let the news fly loose on Twitter, saying...
Zynga just laid off 100+ employees (incl. my friends) in its Austin office during the Apple Event. Gave them 2 hours to vacate. RT please.
Oh Zynga, it's like you took all the worst parts of EA and then dipped them in douche sauce for some extra flavor of scumbaggery. It's almost as if they roast evil over a grill and eat it on a daily basis just to ensure that they have a healthy level of diablerie.
Gamasutra further reports that...
The move comes as Zynga prepares to unveil a weak Q3 earnings report tomorrow afternoon. Share prices today dipped as low as $2.20, below their all-time low closing price of $2.21.
Over the past six months, Zynga's stock went from a respectable $9.00 a share back in May, and it's gone all the way down to $2.20 a share as of the publishing of this article. I guess that old saying is true: you screw too many people and you're bound to get screwed.
The price has seen a steady decline thanks to Electronic Arts suing the royal pants off of them over the course of this summer on copyright infringement charges. Even with a countersuit, the whole ordeal (on EA's behalf) appears to be to wring Zynga dry in court and potentially drive them out of the social/casual gaming space. If that really is the plan, I have to slow-clap for EA because it appears to be working.
Unfortunately, Zynga's demise comes at the expense of a lot of people losing their jobs. This is sometimes the sad reality when you hop onto a ship that promises fast money in a short amount of time. Remember kids, slow and steady wins the race.
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