Zynga has released its financial results for the third quarter of 2012, and while business-wide revenue is up year-over-year – $316 million vs. $306 million over the same period in 2011 – net income has fallen by a significant margin. Specifically, the social-gaming developer has reported a loss of $52.7 million over the course of Q3 2012, as compared with the $12.5 million in profit it experienced during Q3 2011.
The picture is much the same for the company's year-to-date financial situation, which places total revenue for 2012 at $970.1 million (well above 2011's $828.8 million), but still reports an overall loss of $160.8 million. By this time last year, Zynga was in the black to the tune of $30.6 million dollars.
also makes mention of yesterday's events, with the closure of Zynga Boston and significant reduction of staff at Zynga Austin
, both of which were part of a grander Cost Reduction Plan: "Zynga expects to complete a reduction in force of approximately 150 employees or approximately 5 percent of its current workforce, and implement additional cost reduction measures, including steps to rationalize its product pipeline, reduce marketing and technology expenditures and consolidate certain facilities."
It's worth noting that the "150 employees" referenced are full-time employees, and any contract/part-time workers terminated under the Cost Reduction Plan will not be counted towards that total.