Zynga CEO Don Mattrick says the company has been working with "a sense of urgency," after a sharp drop in the number of active users of its games.
The social game developer announced Thursday that it was laying off 314 employees, or 15% of its workforce, the latest in a series of job cuts at the company.
Combined with additional cost reduction measures, Zynga ( said the move would save it roughly $18 million this year. )
Zynga is responsible for popular game franchises like FarmVille, Words With Friends and Zynga Poker. But the company faces a difficult road ahead as it attempts to replicate its early successes.
Zynga said its daily active users plunged more than 50% in the fourth quarter to 27 million, down from 56 million a year prior. The firm lost $20.8 million in the fourth quarter, after earning $6.9 million same period of 2012.
"Over the last 7 months, our teams have been working with a sense of urgency," current CEO Don Mattrick said in a statement. "We finished 2013 in a strong position and expect 2014 to be a growth year."
Zynga also announced a $527 million deal Thursday to buy privately-held NaturalMotion, which makes popular mobile games CSR Racing and Clumsy Ninja.
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