Zynga to Axe Nearly One-Fifth of Workers' Jobs; Stock Slides

Reuters With CNBC.com
Monday, 3 Jun 2013 | 2:51 PM ET
Getty Images

Zynga plans to slash roughly 520 jobs, or nearly one-fifth of its workforce, the San Francisco-based online game maker said Monday.

Shares of the company's stock fell as much as 14 percent after being halted twice. (Click here to track the company's shares.)

The company updated its projected net loss for the second quarter to between $39 million and $28.5 million.

The cuts, which include studio closures in multiple cities, would save $70 million to $80 million, according to the company.

  Price   Change %Change


Contact Gaming


    Get the best of CNBC in your inbox

    › Learn More
  • Matt Hunter is the senior technology editor at CNBC.com.

  • Cadie Thompson is a tech reporter for the Enterprise Team for CNBC.com.

  • Working from Los Angeles, Boorstin is CNBC's media and entertainment reporter and editor of CNBC.com's Media Money section.

  • Jon Fortt is an on-air editor. He covers the companies, start-ups, and trends that are driving innovation in the industry.

  • Lipton is CNBC's technology correspondent, working from CNBC's Silicon Valley bureau.

  • Mark is CNBC's Silicon Valley/San Francisco Bureau Chief covering technology and digital media.