Is Zynga Inc (NASDAQ:ZNGA) Going To Stop Making Games?
Looks like Zynga Inc (NASDAQ:ZNGA)’s Founder and Chairman, Mark Pincus is bored with games. At least, that is what he said during his visit to Israel. He had been touring the country and meeting different people. On Tuesday evening, Pincus addressed a group of local entrepreneurs in Israel. This talk had been hosted by a non-profit professional group named Garage Geeks. In the Q&A session of the talk an elderly statesman in the Israeli venture-funding community, Yossi Vardi asked Pincus which game he liked the best. Pincus’ reply to that was that at this point of time, he was very bored with all games.
The chairman speaks
This probably made everyone at the Rooftop talk do a double-take and Vardi asked Pincus which his favorite game was from the Zynga stable and not from any of his rival’s games. Pincus however, did not retract from his statement and neither did he recast what he had said. Maybe the Zynga developers need to make note of what is on their former Chairman’s mind.
Time for a change
No doubt, the company has been going through stormy weather of late and three of its top executives exited in August. This departure came on the heels of Don Mattrick’s appointment as CEO. He is a former Microsoft executive who replaced Pincus and was supposed to use his experience in turning around the flailing fortunes of the trouble-riddled game developer. Pincus said that no doubt, when “FarmVille” and “CityVille” had been released, he too had been addicted to them ,just as a large part of the global population had, but that phase is now gone and he now looks forward to a new obsession.
Thursday’s trading session
In Thursday’s trading, Zynga Inc (NASDAQ:ZNGA) dropped by 3.93%. The shares opened at a price of $3.82, climbed to an intraday high of $3.87 and dipped to a close of $3.67.