We have already seen stocks in social networking firms quickly decline this year and last night more of the bubble burst as social gaming firm Zynga announced, timed to coincide with the launch of the iPad Mini, that it was cutting 5% of its 3,200 workforce.
The cuts will include the closures of its operations in the UK and Japan although no word on how many are affected by these cuts.
Along with the job cuts Zynga plans to dispose of 13 older games and reduce its investment in the game The Ville.
via Zynga closes UK office, closes games and axes 5% of staff | The Wall Blog.
