Zynga just gave Facebook investors something else to worry about.
Shares of the social networking powerhouse plunged 24 hours ahead of its first earnings report as a public company, taken down by a double whammy: disappointing results from social gaming company Zynga and comments from Zynga Chief Executive Mark Pincus who, in part, blamed Facebook for slashing its outlook for 2012.
Facebook shares were down 8% to $27 in after-hours trading. Zynga accounted for 12% of Facebook’s revenue in 2011.
The stakes could not be higher for Facebook after its much-anticipated initial public offering in May fizzled amid questions about its online and mobile advertising business.
But Zynga was the one on the hot seat Wednesday: Its shares have been clobbered in after-hours trading, down 36% to $3.25.