facebook
twitter
rss
account
search
search
 

Zynga stock tumbles after gaming stumble

Posted By GABRIELLE LEVY, UPI.com   |   July 26, 2013 at 5:08 PM   |   Comments

July 26 (UPI) -- Shares for online gaming company Zynga fell sharply Friday after the company decided to halt efforts to launch real-money gaming Thursday.

The San Francisco-based company saw shares (ZNGA) fall to $3.01, down 14 percent, the largest single-day drop since last July, at one point hitting a nadir of $2.81.

“While the company continues to evaluate its real-money gaming products in the U.K. test, Zynga is making a focused choice not to pursue a license for real-money gaming in the U.S.,” the company said in a statement.

This week's disappointment comes after a year of optimism -- and 48 percent stock growth -- that Zynga could tap into the gambling market and turn it into real revenue.

Zynga also said user access had dropped and forecast lower third-quarter sales.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Why the fake braces trend may be dangerous for users Why the fake braces trend may be dangerous for users
2
Jared Leto 'stopped eating' for his 'Dallas Buyer's Club' role Jared Leto 'stopped eating' for his 'Dallas Buyer's Club' role
3
Gisele Bundchen, Tom Brady drop $14M on Manhattan home Gisele Bundchen, Tom Brady drop $14M on Manhattan home
4
Kelly LeBrock arrested for DUI Kelly LeBrock arrested for DUI
5
Brandi Brandt faces drug charges in Australia Brandi Brandt faces drug charges in Australia
Trending News
x
Feedback