Zynga Plans Hefty Workforce Cuts, Shares Soar On Revenue Beat

Zynga shares soaring today after the company beat earnings estimates. The video game designer reported higher than expected revenue of $183.29M, up on last year's numbers. Adjusted losses of $0.01 per share also beat analyst predictions of $0.02 per share. Zynga Founder and returning CEO Mark Pincus also announced that he plans to cut around 18% of the company workforce. He said in a statement: 'This was a hard but necessary decision and I believe this plan puts us in the best long-term position for success.' Zynga CEO expects the latest cost cutting plan to generate savings of around $100M. The maker of games such as Farmville has been heavily focused on mobile strategy and new game releases which seems to be paying off. Daily mobile user numbers were up 18% from last year. The company is planning further new releases for 2015 and is growing its casino gambling offerings.