Farmville Game Maker Cuts Staff After £30m Loss

Zynga (NasdaqGS: ZNGA - news) , the games company behind the Facebook (NasdaqGS: FB - news) hit Farmville, is laying off a fifth of its workforce.

The company has struggled to emulate its early successes - which also include Words With Friends - and lost £30.5m in the first three months of 2015.

More than 360 jobs will be cut, saving Zynga around £65m.

Founder Mark Pincus, who returned to the company last month, said: "This was a hard but necessary decision and I believe this plan puts us in the best long-term position for success."

But despite the losses, shares in the company rose more than 11% because revenue has increased by 9% to $183m (£120m).

The number of customers using its mobile games each day has increased by 18% from a year ago.

Zynga also announced that it would release up to eight new games in 2015.

It is the second big layoff at the firm, which cut a fifth of its staff in June 2013.

The latest round of cuts will leave it with around 1,600 employees, less than half what it had at its peak.

Mr Pincus said the company will focus more on casino games, and back away from sports games, adding: "We just have been spread too thin."