Zynga founder Pincus leaving operations role

2014-04-24 09:35

(Justin Sullivan, AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

New York - Online game maker Zynga's founder Mark Pincus is stepping down as chief product officer, less than a year after he was replaced as the company's CEO, as the company's sales slide.

Zynga said on Wednesday that Pincus will remain chair of the company he founded in 2007.

Zynga went public in 2011 on the strength of games like Farmville and Mafia Wars, which had enthusiastic Facebook followings. But then rival digital game makers invaded Facebook and more people migrated to other pastimes on smartphones. Zynga has been cutting jobs and posting losses.

The company is trying to shake things up. Don Mattrick, who had been in charge of Microsoft's interactive entertainment division, replaced Pincus as CEO in July.

Zynga agreed to buy NaturalMotion, the company behind the hit mobile games CSR Racing and Clumsy Ninja, in January.

Revenue decline

The company also announced several new executive hires on Wednesday. They include Alex Garden of Microsoft, who is now the president of Zynga Studios. Garden had been in charge of Xbox Live and Xbox Music, Video and Reading.

Including charges connected to job cuts and the closure of some data centres, Zynga said it lost $61.2m in the first quarter. A year ago it earned $4.1m and broke even on a per-share basis. Zynga said it lost a penny per share if one-time items are excluded, matching analyst expectations.

And its revenue continued to decline, dropping 36% to $168m. Analysts had projected an even worse drop, to $164.2m, according to FactSet.

The company said it had 28 million daily users in the first quarter. That's down by almost half from a year ago, but it represents growth of one million users compared with the fourth quarter. Zynga also raised the low end of its annual forecasts for bookings, a precursor to revenue, and for an adjusted profit measure.

Shares of Zynga jumped 23c, or 5.2%, to $4.65 in aftermarket trading. The stock had dropped 3.1% to $4.42 in regular trading on Wednesday. It's up 39% over the past 12 months.
- AP
Read more on:    zynga  |  mobile apps  |  gaming
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/World
 

The truth about painkillers and exercise

Many of us use painkillers and anti-inflammatory medicines to mask pain so they can continue with their training.

 
 

Where were you when you last felt alive?

Where were you when you last felt alive?
Watch: Fishing under ice
This all-terrain vehicle is badass!
This is why you need to get fit in your 20's

Jobs in Cape Town [change area]

Jobs in Western Cape region

Jnr Accountant

Bellville
Kontak Recruitment
R4 500 - R6 000 Per Month

Creditors / Accounts Payable Clerk

Cape Town
Communicate Cape Town Finance

Investment Analyst

Cape Town Southern Suburbs
Hi-Tech Recruitment - Johannesburg
R350 000 - R450 000 Per Year

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Deal of the week!

Save R1200 on the Samsung 48” smart full HD LED television now only R8799. Buy now!

Toys 4 for the price of 3

Buy 4 toys and get the cheapest FREE! Offer valid while stocks last. Shop now!

Mind blowing prices – As seen on TV

Get mind blowing prices on 1000’s of products! Shop now.

Save 20% on Nivea beauty products!

Buy any two Nivea beauty products and save 20%. Offer valid while stocks last. Shop now!

Save up to R1000 on electronics!

Get mind blowing savings on top electronic products. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

You may be spending too much time organising and trying to control things to make sure everything is perfect instead of just...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.