Zynga Shares Decline About 20% To All-Time Low In After-Hours Trading

After cutting its full-year projections for bookings and earnings, Zynga's shares fell more than 20 percent to an all-time low in after-hours trading. The company's shares are trading at $2.22, down more than 21 percent from today's close of $2.82. It's been a hard road for the company since its IPO last December. Not only have numerous executives left (many of them brought over from EA), but several games like The Ville have not performed up to expectations. Zynga also said that it has had to write off between $85 million and $95 million of the $180 million it paid for OMGPOP this spring. The company bought the New York-based and YC-backed developer earlier this year for its surprise hit "Draw Something." If you look at the cash, short-term and long-term investments Zynga has on its balance sheet (which add up to just over $1.6 billion), the market is giving the company an enterprise value of between $100 million to $200 million beyond.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/M_v2pYWVnd4/

30 rock live nfl draft picks 2012 space shuttle enterprise ryan leaf ryan leaf luke kuechly brad miller