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Zynga's stock has suddenly dropped 41%.
This is surprising news for the FarmVille maker, which has been facing difficulties on the stock market since it went public late last year. Shares fell to $2.99 a pop after hours today and have been fluctuating around there since.
When Zynga went public in December, shares sold for $10.
In a press release sent to investors today, Zynga blamed delays, Facebook, and Draw Something, which the company purchased for $210 million earlier this year, for their struggles. "We are lowering our outlook to reflect delays in launching new games, a faster decline in existing web games due in part to a more challenging environment on the Facebook web platform, and reduced expectations for Draw Something," the company wrote.
Zynga said changes in the way Facebook handles game alerts—favoring new games—hurt them. They say those changes impacted the popularity of existing games.
"We also faced new short-term challenges which led to a sequential decline in bookings," CEO Mark Zingus said in a press release. "Despite this, we're optimistic about the long-term growth prospects on mobile where we have a window of opportunity to drive the same kind of social gaming revolution that we enabled on the web."
