Zynga stock drops 50 cents in three days

Zynga stock drops 50 cents in three days
Seth Tipps

By Seth Tipps

June 6th 2013 at 7:40AM

Stock plummets following news of closures and layoffs

The stock price of Zynga has dropped more than fifty cents since news broke of several closures and hundreds of layoffs.

The 18 percent workforce reduction revealed on Monday was followed the next day that OMGPOP, acquired only a year earlier for $200 million, was one of three studios rumored to have been closed.

While one former employee of OMGPOP, now known as Zynga New York, has said the closure was a relief, it doesn't seem to have been much comfort to investors.

Stocks fell from $3.39 to $2.99 on Monday, but bounced back to $3.04 on Tuesday. Today saw another 5.9 percent drop of 18 cents to $2.87 as the entire Nasdaq stock exchange dove by 1.27 percent.

The stock price has since bounced back slightly in after hours trading.

Zynga is in the process of changing its focus from social games like Farmville on Facebook to bet big on online Poker.