Boy, it seems like you can’t bring up Zynga without mentioning more bad news. From layoffs to terminating game support, 2012 was not a good year, and it looks like they’re not starting 2013 on a high mark either. J.P. Morgan, the huge multinational company, has reduced it’s amount of Zynga stock that they own. The company did own 6.7 million shares, but they cut it down to 2.6 million. This is a pretty massive drop in ownership, and it won’t help Zynga in any way. It really shows the lack of confidence the huge conglomerate actually had for the troubled company.
It seems like a just wrote about Zynga cutting down a few of their popular social games. A total of 11 games were terminated, and users were forced to play other titles. A few of those cut games included, PetVille, Mafia Wars 2, FishVille, and Indian Jones Adventure World. I know these games never really lived up to the expectations of FarmVille, they still had their audience. It was only a month ago that the Zynga CEO, Mark Pincus, announced that they were going to be closing down their Japan studio. It was a key part of their “Cost Reduction Plan.” Like I said last time, hopefully things will pick up for Zynga.
Source: All Things D
