by Christopher Freeburn | April 25, 2013 11:27 am
Shares of game developer Zynga (NASDAQ:ZNGA) dropped more than 6% in Thursday morning trading after the company moved to shut down more under-performing games.
On Wednesday, the company said it will shutter Empires & Aliens, The Ville, Zynga City and Dream Zoo. The latest closures came after a wave of other game shutdowns in recent months, VentureBeat noted.
During the most recent quarter, Zynga beat analysts’ forecasts by reporting a GAAP profit of $4.1 million on revenue of $263.5 million. In the same period last year, the company lost $85 million. However quarterly revenue was down sharply from $320.9 million last year.
While it closes some games, Zynga is launching others. The company recently unveiled Draw Something 2. It is also developing a new came called Running With Friends.
Zynga is moving to develop more games aimed at mobile devices. Late last year, it shut down almost a dozen Facebook (NASDAQ:FB) games and ended its contract with the social media giant.
Earlier this month, video game maker Electronic Arts (NASDAQ:EA) announced that it would shut down three Facebook games — SimCity, Pet Society and The Sims Social — in June.
Source URL: http://investorplace.com/2013/04/zynga-to-shut-down-4-more-major-games/
Short URL: http://invstplc.com/1foPSYT
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.