Zynga Cuts Jobs to Preserve Profits

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Late Monday, Zynga (ZNGA) reported that it would be cutting 520 jobs, or 18% of its workforce, as the mobile gaming company tries to reverse the revenue trends that have been plaguing the company since its IPO. The company said it expects to save between $70 million and $80 million in annual costs, but the analyst community is wary of the move as the sector requires constant innovation to stay ahead of competitors.