Zynga to Trim More than 350 Jobs by the Fourth Quarter

Zynga to Trim More than 350 Jobs by the Fourth Quarter

Zynga is not having a very good year and its games like FarmVille, Words With Friends and CSR Racing seem to be losing their charm, thanks to tougher competition and changing taste of gamers.

On Wednesday, the video-game maker, Zynga based in San Francisco said that the company will be trimming eighteen percent of its workforce as it plans to cut costs. The job cuts are likely to happen by the fourth quarter and the company plans to bring its cost down by $100 million.

It is likely that 364 jobs will be cut as Mark Pincus, Zynga's founder and Chairman retakes the helm as the CEO in order to make a turn around and spruce up the troubled gaming company.

On Wednesday, Pincus, signaled that only job cuts were not in the agenda but the company will also slash the number of games too.

Though the news of the job cuts may not have been very happy news for the employees but it surely cheered up the investors. The shares of the company in extended trading went up, as much as eleven percent after the news and in after closing the stock was 4.4 percent higher at $2.61.