Zynga's initial public offering (IPO) didn't exactly go swimmingly. It required assistance on its first day, and the stock currently sits below the initial $10 price. Speaking with the Wall Street Journal, Zynga CEO Mark Pincus tried to smooth over feelings about the overhyped and underperforming stock.
"Our goals were we want to raise a billion dollars. Through going public, we wanted to add some more great long-term investors to the company. All of that was successful," Pincus said, as the WSJ pointed out that the stock dipped on its first day of trading. "I don't blame anybody because from our standpoint, we think it was successful. It was many times larger than the other tech IPOs that had just happened recently. We think we're now well positioned to move forward in the future."
In discussing Zynga's allegedly harsh corporate culture, Pincus says the attrition rate for the company is a little over 3 percent, which he claims is lower than Silicon Valley's 14 percent average.
One thing that hasn't slowed is Zynga's company and executive acquisition train, which recently picked up EA Interactive's former head, Barry Cottle, who joins Zynga as executive VP of business and corporate development.
Reader Comments (29)
Posted: Jan 16th 2012 10:44PM Faceless Troll said
Stocks may not maintain expected prices. Occasionally they go higher or lower. News at 11.
Posted: Jan 16th 2012 10:59PM Wizardsofwaverly said
@gold163 In other news if you stop feeding trolls they eventualy die off. more at 12:00
Reply
Posted: Jan 16th 2012 11:02PM Faceless Troll said
@Wizardsofwaverly
How's that working out for you?
Reply
How's that working out for you?
Posted: Jan 16th 2012 11:19PM Faceless Troll said
@Synner
Let's not get carried away now.
I just know which buttons I can get away with pushing.
Reply
Let's not get carried away now.
I just know which buttons I can get away with pushing.
Posted: Jan 16th 2012 11:54PM Cletus VanDamme said
@Faceless Troll
"I just know which buttons I can get away with pushing."
PURE GOLD
Reply
"I just know which buttons I can get away with pushing."
PURE GOLD
Posted: Jan 16th 2012 11:55PM Cletus VanDamme said
@Wizardsofwaverly
Umad? Did you pull that from the Pocket Dictionary for Douchebags?
Reply
Umad? Did you pull that from the Pocket Dictionary for Douchebags?
Posted: Jan 17th 2012 12:56AM Wizardsofwaverly said
@Faceless Troll What doesn't kill you simply make you ........ Stranger (:
Reply
Posted: Jan 16th 2012 11:03PM CaptainProtonX said
A billion dollars for what exactly? Does making a "-ville" game take that much capitol?
Posted: Jan 16th 2012 11:08PM Faceless Troll said
@CaptainProtonX Pincus really needs that new yacht.
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Posted: Jan 16th 2012 11:22PM RockSauron said
@CaptainProtonX
Maybe for buying all those vice presidents from other companies? Something tells me they didn't go for pennies. Or maybe they just like having multiple houses. :/
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Maybe for buying all those vice presidents from other companies? Something tells me they didn't go for pennies. Or maybe they just like having multiple houses. :/
Posted: Jan 16th 2012 11:12PM neojames82 said
Mmmm, you smell that? That's the smell of this company crashing and burning within about five years, along with their stock.
Posted: Jan 16th 2012 11:24PM DJ Kenneth A said
I prefer chicken or beef stock
Posted: Jan 16th 2012 11:25PM Siphillis said
"Our goals were we want to raise a billion dollars."
Pretty clear where Pincus' priorities lie.
Pretty clear where Pincus' priorities lie.
Posted: Jan 16th 2012 11:52PM Faceless Troll said
@Siphillis
How dare companies want to make money.
Reply
How dare companies want to make money.
Posted: Jan 16th 2012 11:25PM Darklink2009 said
Stocks go up, stocks go down. People go in, people go out.
You can't explain that.
You can't explain that.
Posted: Jan 16th 2012 11:30PM Jameseh said
Zynga Games are for the Braindead.
I like Random capitalization Too.
I like Random capitalization Too.
Posted: Jan 16th 2012 11:31PM This Little Man Says His Name Is said
"Our goals were we want to raise a billion dollars. Through going public, we wanted to add some more great long-term investors to the company. All of that was successful,"
You only met those goals because the people who already invested in you bought your shares.
You only met those goals because the people who already invested in you bought your shares.
Posted: Jan 17th 2012 4:07AM tendoboy1984 said
Not ultra competitive? You don't say? Maybe that's because Zynga has a full monopoly on browser-based games? Nah, that can't be it.
Posted: Jan 17th 2012 5:17AM LaughingTarget said
The high turnover in Silicon Valley is why its so dynamic. The relentless quest for improvement requires constant shuffling of employment. A little known fact is that for every 50 positions created, another 48 are destroyed.
A 3% attrition rate leads to stagnation, which is not good in the marketplace. Resting on your laurels is what leads to failure.
A 3% attrition rate leads to stagnation, which is not good in the marketplace. Resting on your laurels is what leads to failure.
Posted: Jan 17th 2012 9:54AM ShockLobster said
But... but... Richard Gariott is never wrong!
Posted: Jan 17th 2012 12:11PM afrosheen said
@therecapp So their most profitable game is Scrabble? That explains a lot.
Posted: Jan 17th 2012 2:15PM Starcade said
It's slowly been going up and is currently around 9.30, having dipped under 8 dollars. There's no doubt in my mind, it'll go above 10... eventually.
In my opinion, it should have started at 8 instead of 10. They started on the high end of the scale and were wrong. Thing is, I think the press would have been kinder had that not started as high and would have been saying Zynga was an incredible IPO instead of Zynga was a cautionary IPO. It just cast doubt on further IPOs, although I suspect Facebook will be unscathed, assuming they don't crazy in their initial pricing. I think Zynga was more focused on how much they could collect
In my opinion, it should have started at 8 instead of 10. They started on the high end of the scale and were wrong. Thing is, I think the press would have been kinder had that not started as high and would have been saying Zynga was an incredible IPO instead of Zynga was a cautionary IPO. It just cast doubt on further IPOs, although I suspect Facebook will be unscathed, assuming they don't crazy in their initial pricing. I think Zynga was more focused on how much they could collect
Posted: Jan 17th 2012 5:40PM duerra said
The only reason the attrition rate is so low is because everybody is still hanging around in order to cash out as soon as they can and are vested. True story. His words are misleading, and the culture there is most definitely toxic. Maybe not on all teams, but it is definitely prevalent.







