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Thursday, January 30, 2014

Game maker Zynga attacks costs, to slash 15 percent of jobs, (NASDAQ: ZNGA)

Video game maker Zynga Inc said on Thursday it would slash its workforce by 15 percent and expand a cost reduction plan in a bid to regain its financial footing.The San Francisco-based game company, known for its "Farmville" game, is expected to cut about 314 jobs, the company said.Shares in Zynga were halted in after-hours trading after closing at $3.56 on the Nasdaq on Thursday.Zynga also said that it acquired mobile game developer NaturalMotion, which has created games like "Clumsy Ninja" for Apple mobile devices, for $527 million in cash and stock.

Zynga Inc. (Zynga) is the provider of social game services. Shares of ZNGA traded higher by 4.09% or $0.14/share to $3.56. In the past year, the shares have traded as low as $2.50 and as high as $4.55. On average, 20431300 shares of ZNGA exchange hands on a given day and today's volume is recorded at 18316692.