Scuffling game developer Zynga announced four executive promotions, along with the departure of Chief Financial Officer David Wehner, who is leaving Zynga to join Facebook as vice president, corporate finance and business planning.
Zynga’s days as the top dog in the Facebook gaming world appear to be fading. As challengers such as Kixeye and King.com emerge, taking up more of a share in the Facebook gaming ecosystem, Zynga’s financial stake has decreased. Sister site Inside Social Games reported Tuesday that Zynga has laid off more than 100 employees from its Austin office and plans to close its Boston studio.
Facebook announced that it will present its financial report for the third quarter Oct. 23. Much has changed since Facebook’s second-quarter report July 26, when the company reported that it lost $156 million in that time frame, despite an increase in revenue. What will Co-Founder and CEO Mark Zuckerberg say about Facebook’s progress over the past three months?
The stock of popular Facebook application developer Zynga has dropped despite growing revenue, which the company reported Wednesday in its second-quarter financial results. Zynga noted that it is scaling back its outlook for the rest of 2012, citing a challenging environment on Facebook’s platform.
The much-ballyhooed Facebook initial public offering will open trading Friday morning at $38 per share, the top end of the range the social network filed with the Securities and Exchange Commission earlier this week, CNBC reported.
The Wall Street Journal isn’t the only news organization to turn to interactive online technology to cover Facebook’s May 18 initial public offering, as Australia’s News.com.au put together an interactive graphic featuring the estimated worth of key players inside and outside of the social network before and after the IPO.
Zynga’s acquisition of Draw Something maker Omgpop cost $180 million that will come from the secondary stock offering.
“We’re not copycats, you are. Besides, everyone copies.” That sums up Zynga Chief Executive Officer Mark Pincus’ response to accusations that his company’s upcoming Bingo release for Facebook was a copy of Bingo Blitz, from Buffalo Studios.
Facebook Credits, the popular digital currency used within social gaming on the Facebook Platform, can now be purchased in-person at retailers in the UK, a move that has much broader implications.