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Zynga founder Pincus leaving operations role

25 April 2014, 08:18

New York - Online game maker Zynga's founder Mark Pincus is stepping down as chief product officer, less than a year after he was replaced as the company's CEO, as the company's sales slide.

Zynga said on Wednesday that Pincus will remain chair of the company he founded in 2007.

Zynga went public in 2011 on the strength of games like Farmville and Mafia Wars, which had enthusiastic Facebook followings. But then rival digital game makers invaded Facebook and more people migrated to other pastimes on smartphones. Zynga has been cutting jobs and posting losses.

The company is trying to shake things up. Don Mattrick, who had been in charge of Microsoft's interactive entertainment division, replaced Pincus as CEO in July.

Zynga agreed to buy NaturalMotion, the company behind the hit mobile games CSR Racing and Clumsy Ninja, in January.

Revenue decline

The company also announced several new executive hires on Wednesday. They include Alex Garden of Microsoft, who is now the president of Zynga Studios. Garden had been in charge of Xbox Live and Xbox Music, Video and Reading.

Including charges connected to job cuts and the closure of some data centres, Zynga said it lost $61.2m in the first quarter. A year ago it earned $4.1m and broke even on a per-share basis. Zynga said it lost a penny per share if one-time items are excluded, matching analyst expectations.

And its revenue continued to decline, dropping 36% to $168m. Analysts had projected an even worse drop, to $164.2m, according to FactSet.

The company said it had 28 million daily users in the first quarter. That's down by almost half from a year ago, but it represents growth of one million users compared with the fourth quarter. Zynga also raised the low end of its annual forecasts for bookings, a precursor to revenue, and for an adjusted profit measure.

Shares of Zynga jumped 23c, or 5.2%, to $4.65 in aftermarket trading. The stock had dropped 3.1% to $4.42 in regular trading on Wednesday. It's up 39% over the past 12 months.

- AP


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