ZyngaMark Pincus’ effort to save Zynga was jolted on Monday after the social gaming company revised it projected financials lower amid a corporate restructuring that did not inspire confidence on Wall Street. Shares of Zynga tumbled by 12% to $2.99 once investors realized the company expected to lose as much as $39 million in the second quarter as Zynga planned to cut 520 employees, 18% of its workforce, by August. Zynga also said it bookings would come in at the lower half of the $180 million to $190 million range for the quarter that it had previously estimated for investors because games other than its Farmville franchise had underperformed. Pincus took Zynga public late in 2011 on the strength of its relationship with Facebook FB -2.05% and general excitement about social gaming, selling $1 billion of Zynga stock for $10 each.

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