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.
Source:
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