![]() In some ways Zynga's demise - along with Facebook's IPO fizzle and investors' newfound distaste for advertiser-driven consumer sites - is a good sign for the tech industry. ![]() Zynga has enough cash in the bank to stave off immediate panic, but now that the possibility of earning stockmarket millions is looking dim, a number of the firm's top employees have left. The announcement sparked another brutal slide in Zynga's stock price shares were recently trading for less than $2.50 each, more than 75 per cent less than at Zynga's IPO. This week the firm announced that users aren't flocking to its latest games, and as a result it's lowering its revenue expectations for the year. ![]() Now Zynga has entered what looks like a death spiral, and nobody is surprised. If you're looking for this generation's, Zynga is pretty much it. All the gaming company does is convince suckers to spend a lot of time and money tending virtual flowerbeds - and it didn't even invent those virtual flowerbeds. By that standard Zynga is an unfortunate throwback to the best-forgotten bubble years. Though their claims may be dubious, Facebook and Twitter genuinely believe that they're going to make a killing and they're going to improve the lives of billions. The major difference between today's internet companies and ones that were founded during the dot-com bubble of the 1990s is that modern firms believe they're changing the world. He has also said that some employee complaints stem from "growing pains" many of the company's current employees love working at the firm, he has said.ĭespite Pincus's statements to the contrary, Zynga feels like a firm without a purpose. We need to be the best in market," he told employees in a memo earlier this year. Zynga chief executive Mark Pincus has defended the company's game development strategy by arguing that the company's versions of other people's games are better: "We don't need to be first to market.
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