10 Updates

Zynga founder Pincus leaving operations role

Apr 23 2014, 8:32pm CDT | by

NEW YORK (AP) — Online game maker Zynga's founder Mark Pincus is stepping down as chief product officer, less than a year after he was replaced as the company's CEO, as the company's...

Filed under: news

 
 
 

13 weeks ago

Zynga founder Pincus leaving operations role

Apr 23 2014, 8:32pm CDT | by

NEW YORK (AP) — Online game maker Zynga's founder Mark Pincus is stepping down as chief product officer, less than a year after he was replaced as the company's CEO, as the company's sales slide.

Zynga said Wednesday that Pincus will remain chairman of the company he founded in 2007.

Zynga went public in 2011 on the strength of games like "Farmville" and "Mafia Wars," which had enthusiastic Facebook followings. But then rival digital game makers invaded Facebook and more people migrated to other pastimes on smartphones. Zynga has been cutting jobs and posting losses.

The company is trying to shake things up. Don Mattrick, who had been in charge of Microsoft's interactive entertainment division, replaced Pincus as CEO in July. Zynga agreed to buy NaturalMotion, the company behind the hit mobile games "CSR Racing" and "Clumsy Ninja," in January.

Pincus giving up his operational role was a needed change for Zynga and "a huge endorsement" of Mattrick's leadership of the company, said analyst Michael Pachter of Wedbush Securities.

Pachter also said Zynga's guidance was good, and shares rose nearly 6 percent in aftermarket trading.

The San Francisco-based company announced several new executive hires on Wednesday. They include Alex Garden of Microsoft, who is now the president of Zynga Studios. Garden had been in charge of Xbox Live and Xbox Music, Video and Reading.

Including charges connected to job cuts and the closure of some data centers, Zynga said it lost $61.2 million, or 7 cents per share, in the first quarter. A year ago it earned $4.1 million and broke even on a per-share basis. Zynga said it lost a penny per share if one-time items are excluded, matching analyst expectations.

And its revenue continued to decline, dropping 36 percent to $168 million. Analysts had projected an even worse drop, to $164.2 million, according to FactSet.

The company said it had 28 million daily users in the first quarter. That's down by almost half from a year ago, but is up by 1 million users compared with the fourth quarter. Zynga also raised the low end of its annual forecasts for bookings, a precursor to revenue, and for an adjusted profit measure.

Pachter said Zynga's first-quarter bookings were better than Wall Street expected and its second-quarter guidance is also good, suggesting the company could meet its outlook for 2014.

Shares of Zynga jumped 25 cents, or 5.7 percent, to $4.67 in aftermarket trading. The stock had dropped 3.1 percent to $4.42 in regular trading Wednesday. It's up 39 percent over the past 12 months.

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by robbers. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan R ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datu ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last month. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in com ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Indust ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramada ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billio ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/31" rel="author">Associated Press</a>
The Associated Press (AP) is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers.

 

blog comments powered by Disqus

Latest stories

Kerry visit a start, Modi visit to US pivotal (Comment: Special to IANS)
John Kerry visits India Wednesday as a raft of crises consume American diplomacy. By contrast, US-India relations are at a moment of opportunity, but the US Secretary of State faces challenges in New Delhi that are significant in their own way.
 
 
Our Milky Way much smaller than previously thought
London, July 30 (IANS) The Milky Way, the galaxy that contains our solar system, is way smaller than astronomers previously thought, says a study.
 
 
Be aware of calories from soft drinks during meals
London, July 30 (IANS) Did you ever count calories from the soft drink you usually order along with the dinner? Now is the time to factor those in.
 
 
Simple blood test may even predict suicide
Washington, July 30 (IANS) A simple blood test can soon reliably predict a person's risk of attempting suicide, significant research reveals.
 
 
 

Latest from the Network

Kerry visit a start, Modi visit to US pivotal (Comment: Special to IANS)
John Kerry visits India Wednesday as a raft of crises consume American diplomacy. By contrast, US-India relations are at a moment of opportunity, but the US Secretary of State faces challenges in New Delhi that are...
Read more on Politics Balla
 
Rita Ora kept forgetting Fifty Shades of Grey lines
Rita Ora kept forgetting her lines whilst filming her scenes in 'Fifty Shades of Grey.' The 23-year-old singer - who landed the role of Mia Grey in the erotic drama - had someone feeding her script to her through an...
Read more on Movie Balla
 
Our Milky Way much smaller than previously thought
London, July 30 (IANS) The Milky Way, the galaxy that contains our solar system, is way smaller than astronomers previously thought, says a study. It is approximately half the weight of a neighbouring galaxy - known...
Read more on Apple Balla
 
Be aware of calories from soft drinks during meals
London, July 30 (IANS) Did you ever count calories from the soft drink you usually order along with the dinner? Now is the time to factor those in. New research indicates that meals that include a calorific drink are...
Read more on Business Balla
 
Apple Drops Their Appeal of Samsung Verdict
After the ruling in Apple’s favor by a jury in the patent infringement case with Samsung, the company was seeking a permanent injunction on a number of Samsung’s devices. The goal was to ban sale of Samsung products...
Read more on Apple Balla
 
Apple’s Sapphire Glass Supply Getting A Boost
Ever since the announcement that Apple was going to move away from Gorilla Glass came out, people have been wondering about the new Sapphire Glass screens. They have certainly proved indestructible, but the production...
Read more on Apple Balla
 
Simple blood test may even predict suicide
Washington, July 30 (IANS) A simple blood test can soon reliably predict a person's risk of attempting suicide, significant research reveals. This may be possible because researchers at Johns Hopkins University have...
Read more on Business Balla
 
Are Samsung’s Sales In Trouble?
The battle between Samsung and Apple has been a fiercely fought one both in the courtroom and in the marketplace. Apple feels that Samsung has used their innovations to create a series of phones that are similar, but...
Read more on Apple Balla
 
Kate Moss boards flight 'drunk' without ticket
Kate Moss allegedly ''blagged'' her way onto a flight from Turkey to London without a ticket on Monday (07.28.14). The supermodel, 40, reportedly turned up at Bodrum Airport intoxicated following a detox vacation at the...
Read more on Celebrity Balla
 
Liam Neeson still struggles with wife's death
Liam Neeson still hasn't come to terms with his wife's death five years ago. The 'Taken' star was left heartbroken when he switched off Natasha Richardson's life support in 2009 following a tragic ski accident and he...
Read more on Celebrity Balla