Years ago, pundits wondered if Zynga would become the Google of games. Now it's starting to look more like Pets.com: the Wall Street Journal reports that the Zynga's quarterly losses are up nearly 84,000 percent from last year.
For the three-month period ended Sept. 30, Zynga said it lost $57.1 million, or six cents a share, compared with a loss of $68,000, or less than a penny a share, in the same period a year earlier.
Zynga's shares peaked in early 2012 on the success of its original Web-based titles tied to Facebook, such as "Farmville." But as consumers have shifted to games based on smartphones and tablets, Zynga has failed to generate a similar hit. Its shares have fallen more than 80% from those 2012 highs.
$57.1 million! Zynga was barely losing any money in the summer of 2013, and that was when it gutted its workforce by 18 percent. Now, a whole year later, Zynga is losing money at a rate of $19 million a month.