Zynga’s stock continued shedding value today, just a day after the developer revealed that CEO Don Mattrick would step down and be replaced by founder and ex-CEO Mark Pincus. Zynga’s stock ended the day at $2.90, at which they lost about 10% in after-hours trading. Starting the day at $2.6, the stock fell another twenty two cents to end the day at $2.38, an 18% overall drop over the past day.
Mattrick’s departure comes after Zynga posted a $226 million loss for 2014, coinciding with the company closing shop in China. Despite the previous year’s performance, investors are not excited to see Pincus return to power. 2012 under Pincus proved to be disastrous as the company closed offices, laid off employees, shut down over a dozen games, posted a $200 million loss, lost much of its stock value, and saw blowback from its decision to purchase OMGPop to the tune of $180 million before shutting the studio down one year later.
Zynga’s value has so far not moved in after-hours trading.