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June 3, 2013 10:36 pm GMT
Zynga has confirmed the layoffs via press release, as well as the numbers (520 layoffs or 18 percent of the workforce) reported by AllThingsD.The company says this was result in $70 million to $80 million in annualized pre-tax savings. Despite those savings, its guidance for its second quarter earnings is a loss between $39 million and $28.5 million.In a note to employees, CEO Mark Pincus described this as a "proactive" move that will "offer our teams the runway they need to take risks and develop these breakthrough new social experiences" on mobile and touchscreen devices.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/1G2SFIw6WL0/
Zynga Confirms That It's Cutting 520 Employees (18% Of Workforce), Says It Will Save $70M-$80M
Zynga has confirmed the layoffs via press release, as well as the numbers (520 layoffs or 18 percent of the workforce) reported by AllThingsD.The company says this was result in $70 million to $80 million in annualized pre-tax savings. Despite those savings, its guidance for its second quarter earnings is a loss between $39 million and $28.5 million.In a note to employees, CEO Mark Pincus described this as a "proactive" move that will "offer our teams the runway they need to take risks and develop these breakthrough new social experiences" on mobile and touchscreen devices.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/1G2SFIw6WL0/
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