Zynga’s CEO Mark Pincus has issued a statement via Zynga’s blog that 18% of the company’s workforce will be let go in an effort to restructure finances.
The restructure will mean 520 employees will be let go though Zynga have yet not confirmed which offices will be affected. Reports suggest the company’s New York, Dallas and Los Angeles operations will lose staff.
As well as restructuring financially it appears that Zynga will be looking to have a much bigger presence within the mobile gaming market and the aim is to “make mobile gaming truly social by offering people new, fun ways to meet, play and connect,” according to Mark Pincus.
Following the news of the restructuring Zynga’s share price fell 12% within two hours. The company also stated that losses for this period would be $39 million.