Zynga stock falls again after brief climb
Stock closes down over 6% for the day
The Zynga stock price roller coaster continues its ride, as the stock fell 6.42 percent today to close at $3.06. Over the last two weeks the stock had closed below $3 on more than one occasion, and last week had managed to creep up to $3.27.
The stock continues to be battered as news of more executive departures comes out. Erik Bethke, who oversaw the disappointing Mafia Wars 2, left earlier this month. Alan Patmore, general manager of the popular CityVille game, left to take up a role at Kixeye. Inside sources told Bloomberg Businessweek that Ya-Bing Chu, a vice president in Zynga's mobile division, and Jeremy Strauser, a studio general manager responsible for Zynga Elite Slots and Zynga Bingo, also have resigned this month (Strauser's Linkedin profile puts his Zynga experience in the past tense). COO John Schappert left the company earlier this month as the reorganization stripped him of oversight for game development.
Zynga's stock has declined some 68 percent since trading began in December of 2011. Reports are that CEO Mark Pincus gave new option grants to all full-time employees earlier this month, in part in an effort to stem further departures. The company's second-quarter earnings were below analyst estimates, though many analysts continue to rate the stock as a buy.
From GamesIndustry.biz Recommendations by Taboola