Zynga drops below $5 a share, new promotion to launch

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Social gaming company Zynga’s stock value has dropped considerably since the company’s IPO late last year, falling to lower than 50% of its initial value. The most recent drop came yesterday when it dropped by 12% of it’s then-current value to $4.98.

The loss in value has been blamed on several factors, among them Facebook’s poor showing on the stock market and fears that the company will be unable to move from a web to mobile model without hassles. Zynga relies heavily on its Facebook user base to generate revenue at the moment.

In an effort to drive the company’s recent acquisition, Draw Something, Zynga has announced a promotional partnership with Enrique Iglesias and Jennifer Lopez. The celebrity pair will be interacting with Draw Something users via Twitter as part of a week-long promotion that will kick off from 14 July this year. Their names will also be used to unlock additional features in the game.

Draw Something is set to be relaunched in 12 new languages, including Japanese, Chinese and Korean.

Source: AllThingsD

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