Zynga is cutting 18% of its staff
Zynga
Zynga is cutting 18% of its staff as part of a $100 million cost reduction program, the company announced in its most recent earnings report.
The news comes just about a month after Zynga founder Mark Pincus announced that he'd be returning to the company as CEO
.
The reduction program will be complete in the fourth quarter of this year, and the company expects to save $45 million annually as a result of the layoffs alone. The layoffs will affect employees across the company's studios, including its contractors.
In total, Zynga expects to see a pre-tax savings of approximately $100 million from the cost reduction program, excluding an estimated $18 million to $22 million pre-tax restructuring charge in the second quarter of 2015, the company said in its statement explaining the program.
As part of the initiative, Zynga also plans to eliminate spending on outside and centralized services.
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