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Zynga shares fall on news it will largely cease efforts to build real-money gaming business in U.S.26 July 2013Reuters reports that Zynga Inc. will largely abandon its long-running efforts to build a real-money gaming business in the United States, a prospect investors once believed to be the struggling company's sole lifeline. According to Reuters, Don Mattrick, the former Microsoft Corp Xbox boss who replaced founder Mark Pincus as chief executive this month, said the company needed to go back to basics, anticipating two to four quarters of volatility as it "resets" its business plan. The company's shares dived 14 percent to $3.02 in afterhours trading, or about 70 percent off its $10 IPO price, Reuters states. |