Zynga Announces Fourth Quarter and 2013 Financial Results
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Zynga (ZNGA) Tops Q4 EPS by 1c; Announces Cost-Reduction Plan; Provides Solid FY14 Outlook
January 30, 2014 4:06 PM ESTZynga (NASDAQ: ZNGA) reported Q4 EPS of ($0.03), $0.01 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $176.36 million versus the consensus estimate of $141.07 million.
Cost Reduction Plan
Today Zynga announced a cost reduction plan expected to generate pre-tax savings in the range of $33 million to $35 million in 2014, excluding an estimated $15 million to $17 million pre-tax restructuring charge in Q1. As part of the plan, Zynga expects to complete a workforce reduction of approximately 314 employees or approximately 15% of its current workforce, and implement additional cost reduction measures, including lowering its spend on... More
