Zynga Inc (NASDAQ:ZNGA) has shut down 11 of its social networking games as part of the cost-cutting program it announced in November. The company will now focus its resources on its more popular games.
TechCrunch’s Josh Constine reports that the reason Zynga now needs to cut corners is because built dozens of new games while business was booming, and then after its initial public offering, investors became concerned about several issues, and the stock price dropped as a result. After peaking around $15 per share in March, the company stock is now worth less than $2.50 per share. It lost another 3.5 percent in trading on Friday. David Milstead at The Globe and Mail is calling for company CEO Mark Pincus to be fired, saying he hasn’t done enough to save his sinking ship.
The shutdowns of those 11 games include total shutdowns or simply stopping the acceptance of new players. In addition to those shutdowns, Zynga Inc (NASDAQ:ZNGA) is also eliminating more than 100 jobs. Here are the 11 games that have been affected by Zynga Inc (NASDAQ:ZNGA)’s cost-cutting program:
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- Mafia Wars 2
- Vampire Wars
- Treasure Isle
- Indiana Jones Adventure World
- Mafia Wars Shakedown
- Word Scramble Challenge
Zynga Inc (NASDAQ:ZNGA) is now offering a virtual goods package to players of some games in the above list. They have the option to choose free goods in YoVille, Mafia Wars, FarmVille 2, ChefVille or CastleVille. Zynga still offers more than 30 other games on Facebook Inc (NASDAQ:FB), the Android App Store, the iOS App Store, My Space and other social networking sites.