Following its Zynga Unleashed conference yesterday, the social gaming developer's value continues to fall despite allegedly attracting 182 million players each month.
Shares were at a high of $6.36 during the day, however, this eventually fell to a low of $5.77 as they closed.
Zynga has been looking to reverse its fortune after a disappointing start to the year that has seen its stock price decline steadily with it now sitting 40 per cent below its floatation price. Whilst its value had shown recent signs of improvement, yesterday’s slump will serve as a heavy blow for a company looking to recover.
Concerns have been voiced surrounding the company’s longstanding relationship with social networking site Facebook and how closely the two company's fortunes are linked.
With Facebook users largely shifting to mobile devices, Zynga has offered express versions of its games for the mobile Facebook app, however they have not proved as popular as hoped.
The company used the Unleashed event, which is held at its San Francisco headquarters, as an attempt to distant itself from Facebook by launching Zynga with Friends – its own social games network, which is designed to link gamers from its multi-platform network together with a single service. Zynga with Friends will be available through Facebook, iOS, Android and the company’s standalone platform.
A host of new games were also unveiled at the event including Chefville, The Ville and Farmville 2 – a sequel to Zynga’s hugely popular farming simulator.
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