Zynga Lays Off 18% of Staff - News
by William D'Angelo , posted on 06 May 2015 / 2,855 Views
Zynga has announced in its earnings report for the first quarter of 2015 that it has laid off staff. In total, 364 people, or 18 percent of the firm's staff have been laid off.
"For our people, we need to create an empowered, entrepreneurial culture that fosters more creativity and innovation," said CEO Mark Pincus. "Over the years we've seen that tighter, more nimble teams can drive faster innovation and deliver more player value."
"As a result, today we announced a cost reduction program to focus, simplify and align us against our most promising opportunities. We expect these cost reductions to generate $100 million in annualized savings. We are reducing our workforce by 364 people or approximately 18 per cent, decreasing our outside services and reducing our central functions. This was a hard but necessary decision and I believe this plan puts us in the best long term position for success."
The cost reduction plan is expected to save Zynga $100 million a year. The lay-offs are expected to be completed by the end of the year and will save $45 million a year.
________________________________________________________________________________________
A life-long and avid gamer, William D'Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel dedicated to gaming Let's Plays and tutorials. You can contact the author at wdangelo@vgchartz.com or on Twitter @TrunksWD.
