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June 4, 2013 08:47 am GMT

Zynga Shares Plummet 12% To $2.99 After It Announces Layoffs

zynga-logoInvestors were unsettled by Zynga's announcement that it is cutting 520 employees, or almost one-fifth of its workforce, with shares plummeting 12% to $2.99, before recovering slightly in after hours trading. Trading of Zynga shares were halted twice in the afternoon on the Nasdaq stock exchange, first for the layoff announcement and then again due to volatile trading during which the stock fell by as much as 15%.

Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/Pcy-79RDZtc/

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