Facebook Stock Drops 3% After Zynga Cuts Sales Outlook

Zynga's stock fell by more than 20% in trading Friday morning to a new all-time low of $2.21 a share after the company cut its bookings forecast for the yearand revealed that it will end up taking an impairment charge of between $85-$95 million on its purchase of Draw Something earlier this year.

Zynga's stock isn't the only one tanking on the news, though. Facebook shares also fell in after hours trading Thursday and went as low as $21.17 in early trading Friday, a decline of more than3%.

For Facebook's shareholders, the big concern is that the social network will earn less revenue from Zynga games than had previously been expected.Doug Anmuth, an analyst with JP Morgan, cut…
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