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

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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.