Technology

Zynga to lay off 18 per cent of employees

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/tv-images/2017/01/27/TV5.jpg?itok=AcQzj3W0

MUMBAI: Video game company Zynga which became famous when it created Farmville in 2009 will lay off 520 employees, or 18 per cent of its workforce, as part of an effort to stabilise finances.

The layoffs should save Zynga about $70 to $80 million a year. Zynga had managed revenue of $1.28 billion last year, which was an increase of 12 per cent. But a net income loss of $209 million was also recorded.

These cuts mean that the company will have around 2,300 employees. The company has been battling a falling share price and has also been losing users.

Its offices in Los Angeles, New York and Dallas will be closed. In his blog Zynga CEO Mark Pincus wrote," Today is a hard day for Zynga and an emotional one for every employee of our company. We are saying painful goodbyes to about 18 per cent of our Zynga brothers and sisters. The impact of these layoffs will be felt across every group in the company."

"None of us ever expected to face a day like today, especially when so much of our culture has been about growth. But I think we all know this is necessary to move forward. The scale that served us so well in building and delivering the leading social gaming service on the Web is now making it hard to successfully lead across mobile and multiplatform, which is where social games are going to be played," he added.

"These moves, while hard to face today, represent a proactive commitment to our mission of connecting the world through games. Mobile and touch screens are revolutionising gaming. Our opportunity is to make mobile gaming truly social by offering people new, fun ways to meet, play and connect. By reducing our cost structure today we will offer our teams the runway they need to take risks and develop these breakthrough new social experiences," Pincus said.

 

"Because we‘re making these moves proactively and from a position of financial strength, we can take care of laid off employees. We‘re offering generous severance packages that reflect our appreciation for all of their work and we hope this will provide a foundation as they pursue their next professional steps," he further wrote.

"Our Farmville franchise teams continue to innovate and deliver ground breaking new social experiences like County Fair which, despite only being available on the web, is engaging 39 million monthly players. I want to thank every one of you for the spirit, creativity and energy that you‘ve invested in Zynga. You‘ve reintroduced a generation of people to gaming and through these games offered them new ways to connect with their families, make new friends and even sometimes find love," Pincus concluded.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/07/25/Michael%20Hawkey.jpg?itok=35fg5o6z
Japan's KDDI adopts TiVo’s remote-recording service

MUMBAI: TiVo Corporation, a leader in entertainment technology and audience insights, has announced that KDDI Corporation, a leading Japanese telecommunications provider, has selected TiVo’s remote recording service for G-GuideÒ and will also implement new voice control features to deliver one of...

Technology Hardware Set-top Boxes
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/07/13/Kalli_Purie-Subrat_Kar.jpg?itok=077b2Tdu
AajTak topples Times of India as the top news video page on Facebook

New Delhi, 13th July 2017: AajTak-India’s No.1 News channel- has also topped the rankings on the digital space by becoming the most popular on social network for continuous 3 months with over 29.7 million video viewership on Facebook in May, 2017. By crossing this monthly viewership mark, AajTak...

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/07/11/samir%20armaly%20tivo.jpg?itok=bykYFSL3
TiVo renews IP licence with Foxtel, deliver ultimate experience in Australia

MUMBAI: TiVo Corporation, a leader in entertainment technology and audience insights, has announced that Foxtel, Australia’s leading pay-TV platform, has signed a multi-year intellectual property (IP) licence renewal. This agreement offers Foxtel ongoing access to TiVo’s industry-leading...

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/28/App-Annie.jpg?itok=hCYCsP8J
India tops in avg app downloads per month

NEW DELHI: A new study shows that Indians led in the number of apps downloaded per month in the first quarter of 201

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/27/VOD.jpg?itok=_oQQtakd
VoD software market may expand to $ 7.5 bn by '22, A-Pac leads

MUMBAI: The global video streaming (VoD) software market size is expected to grow from USD 3.25 billion in 2017 to USD 7.50 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 18.2%. The major factors driving the video streaming software market are increasing traction of VaaS in enterprises...

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/23/Bruce%20Chatterley_1.jpg?itok=cyBeUOOm
Senet-SenRa tieup to help CSPs & MSOs for India IoT opportunities

MUMBAI: Senet, the first and fastest growing provider of secure, public, low-power wide-area networks (LPWANs) and Managed Network Services for Internet of Things (IoT) applications supporting the LoRaWAN™ protocol, has announced that it has partnered with SenRa Tech Pvt. Ltd., a Low-Power Wide-...

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/22/Virtual%20Reality.jpg?itok=0WLy4HcD
Virtual screens to start replacing TVs & theaters in a year, consumers expect: Ericsson

MUMBAI: Ericsson ConsumerLab has reported that seven out of 10 consumers believe that virtual reality (VR) and augmented reality (AR) will become mainstream in media, education, work, social interaction, tourism and retail. Consumers expect virtual screens to start replacing televisions and...

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/16/Untitled-1.jpg?itok=jLZTMoKT
TV & mobile electronics: Domestic prod leaves $ 300bn gap for import

NEW DELHI: The demand of electronic products in India is expected to expand at a compound annual growth rate (CAGR) of 41 per cent during 2017-2020 to reach $ 400 billion by 2020, but the government has to help domestic production.

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/15/Anurag%20Dixit.jpg?itok=nEZIRFpy
Principals discuss 'emotional wellbeing' through Teno App

MUMBAI: Teno App, India’s leading free-to-use mobile app for schools, is organizing a panel discussion where reputed educationists will deliberate on the role of educators in promoting emotional wellbeing amongst school students. This panel discussion will also be the first initiative as part of...

Technology Software Applications

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories