Zynga (ZNGA) Loses Two More Execs — Bloomberg
Embattled online game firm Zynga (NASDAQ: ZNGA), its stock down over 80% this year, and its business prospects in question, lost two more senior executives today, according to Bloomberg:
Zynga Inc. vice presidents Bill Mooney and Brian Birtwistle have departed, following other top managers amid slowing sales and a stock decline at the biggest maker of social games on Facebook Inc.
Mike Verdu who was the company's creative officer left earlier this month
Zynga shares trade at $2.88, very near their low of $2.66. The company, which went public recently, has a 52-week high price of $15.91.
Zynga's future has been questioned because of its extreme reliance on Facebook (NASDAQ: FB), a dependence it has not been able to break in any significant way. In the meantime, social games have proliferated across the internet–both games which work on social networks, and those which work on portable electronics devices. Zynga makes money by charging for consumers to play at certain levels on its games. Many of its competitors offer most, if not all of their products for free.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Management Change, Media Tagged: FB, ZNGA