Thursday marked a harsh day the for popular social gaming site Zynga. Their stocks plunged below $3 – more than 70% below its initial public offering. The company reported a severe slowdown in growth and analysts have raised questions about the companies future. The company blamed its results and outlook on changes at Facebook as well as some internal problems with new game releases. “We believe softness seen in Zynga’s various titles is suggesting general fatigue towards social games, in general,” said Arvind Bhatia, analyst with Sterne, Agee & Leach. The company cut its bookings forecast to between $1.15 billion and $1.23 billion, down from its April estimate of $1.43 billion to $1.5 billion. “A slight reduction in guidance would’ve been understandable, but this kind of reduction is mind-boggling,” Mr. Bhatia said. The social gaming giant in now valued at $2.2 billion, compared with the $1.6 billion of cash they have on their sheets.
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