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John Schappert

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ENTERTAINMENT
August 8, 2012 | By Alex Pham
Zynga has shuffled its deck in a management reorganization and tossed out its chief operating officer, John Schappert. The move came Wednesday after a turbulent two weeks in which Zynga saw its stock fall to record lows after a disappointing second-quarter financial report and was smacked with two lawsuits . "John has made significant contributions to the games industry throughout his career, and we appreciate all that he has done for...
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ENTERTAINMENT
November 13, 2012 | By Ben Fritz
Troubled social games giant Zynga lost one more senior executive on Tuesday and promoted four to replace its depleted ranks. David Wehner, chief financial officer of the San Francisco company behind "Farmville" and "Words With Friends," is leaving to take a senior finance job at Facebook, Zynga announced Tuesday. The move comes three months after Zynga's chief operating officer, John Schappert, exited and two months after the departure of chief marketing and revenue officer Jeff Karp.
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BUSINESS
May 3, 2012 | By Alex Pham, Los Angeles Times
As a hurricane barreled toward the Florida Keys, John Schappert, the chief operating officer of Zynga Inc., was on a charter boat to catch lobsters with half a dozen friends. When the winds kicked up and large waves tossed the small craft about, several passengers felt too seasick to dive. But Schappert insisted on diving until he caught close to a dozen lobsters before he was willing to call it a day. "Most of us were begging to get back to shore," recalled Steve Chiang, a close friend who was on the boat that day in July.
ENTERTAINMENT
October 23, 2012 | By Ben Fritz
Zynga Inc. has laid off about 150 employees, shut down 13 games and is closing a production studio in a cost-cutting move for the troubled social-gaming giant. The cutbacks Tuesday come almost three weeks after the San Francisco firm reduced its financial projections amid a weakening market for Facebook games and a day before it was scheduled to release third-quarter earnings. Zynga is shutting down a studio in Boston that made its “Indiana Jones Adventure World” game. The company has proposed closing facilities in Japan and Britain as well, and is laying off staff at an Austin, Texas, studio that made “The Ville.” Chief Executive Mark Pincus said in an email to staffers that Zynga is “parting ways” with about 5% of its workforce.
ENTERTAINMENT
October 5, 2012 | By Ben Fritz
How low can Zynga's stock go? Below the total value of the cash it has on hand, the securities it owns, and the amount it paid in March for its San Francisco headquarters, according to J.P. Morgan analyst Doug Anmuth. Combined, those assets are worth $2.46 per share, Anmuth wrote in a report released Thursday night. In afternoon trading Friday, Zynga stock was at $2.35, meaning Wall Street is valuing the social and mobile game company's business at, essentially, nothing. The 16% drop in Zynga's already battered stock price came after the company warned Thursday that its 2012 financial performance would be below previous projections and that it is taking a write-down of $85 million to $95 million on its acquisition of "Draw Something" game maker OMGPOP in March for $180 million.
ENTERTAINMENT
October 4, 2012 | By Ben Fritz
ynga's shares plummeted 19% in after-hours trading after the troubled social gaming company cut its financial projections for the year and announced it would write down nearly $100 million from its recent acquisition of OMGPOP, the maker of "Draw Something. " In March, San Francisco-based Zynga paid $180 million for OMGPOP based primarily on the value of "Draw Something," which was at the time hugely popular on mobile devices and the top-selling game on Apple's iTunes Store. However, it soon became clear that Zynga bought OMGPOP at the peak of the game's popularity, because its usage rapidly declined in the following months.
ENTERTAINMENT
November 13, 2012 | By Ben Fritz
Troubled social games giant Zynga lost one more senior executive on Tuesday and promoted four to replace its depleted ranks. David Wehner, chief financial officer of the San Francisco company behind "Farmville" and "Words With Friends," is leaving to take a senior finance job at Facebook, Zynga announced Tuesday. The move comes three months after Zynga's chief operating officer, John Schappert, exited and two months after the departure of chief marketing and revenue officer Jeff Karp.
ENTERTAINMENT
October 23, 2012 | By Ben Fritz
Zynga Inc. has laid off about 150 employees, shut down 13 games and is closing a production studio in a cost-cutting move for the troubled social-gaming giant. The cutbacks Tuesday come almost three weeks after the San Francisco firm reduced its financial projections amid a weakening market for Facebook games and a day before it was scheduled to release third-quarter earnings. Zynga is shutting down a studio in Boston that made its “Indiana Jones Adventure World” game. The company has proposed closing facilities in Japan and Britain as well, and is laying off staff at an Austin, Texas, studio that made “The Ville.” Chief Executive Mark Pincus said in an email to staffers that Zynga is “parting ways” with about 5% of its workforce.
ENTERTAINMENT
September 14, 2012 | By Alex Pham
Zynga Inc. has fired back at Electronic Arts Inc., calling EA's copyright infringement lawsuit against it "baseless" and filing a countersuit alleging that the video game giant for prevented its employees from leaving to work for Zynga. “Today we responded to EA's claims, which we believe have no merit," the San Francisco social gaming company said Friday in a statement. "We also filed a counterclaim which addresses actions by EA we believe to be anticompetitive and unlawful business practices, including legal threats and demands for no-hire agreements.” Zynga's counterclaim escalates the battle between the two Bay Area gaming behemoths, both in court and in the hotly competitive market for mobile and social games.
BUSINESS
February 15, 2012 | By Alex Pham, Los Angeles Times
Zynga Inc. got little love on Valentine's Day from investors as the social gaming company saw its shares sink more than 5% after the release of its first quarterly financial results as a public company. The San Francisco publisher of CastleVille and Words With Friends, played on Facebook and mobile devices, said Tuesday that revenue grew to $311.2 million in the fourth quarter ended Dec. 31, up 59% from $195.8 million a year earlier. But because the company paid more than half a billion dollars in stock-based compensation to employees as a result of its Dec. 17 initial public offering of $1 billion, Zynga reported a net loss of $435 million, or $1.22 a share, compared with a $43-million profit, or 5 cents, a year earlier.
ENTERTAINMENT
October 5, 2012 | By Ben Fritz
How low can Zynga's stock go? Below the total value of the cash it has on hand, the securities it owns, and the amount it paid in March for its San Francisco headquarters, according to J.P. Morgan analyst Doug Anmuth. Combined, those assets are worth $2.46 per share, Anmuth wrote in a report released Thursday night. In afternoon trading Friday, Zynga stock was at $2.35, meaning Wall Street is valuing the social and mobile game company's business at, essentially, nothing. The 16% drop in Zynga's already battered stock price came after the company warned Thursday that its 2012 financial performance would be below previous projections and that it is taking a write-down of $85 million to $95 million on its acquisition of "Draw Something" game maker OMGPOP in March for $180 million.
ENTERTAINMENT
October 4, 2012 | By Ben Fritz
ynga's shares plummeted 19% in after-hours trading after the troubled social gaming company cut its financial projections for the year and announced it would write down nearly $100 million from its recent acquisition of OMGPOP, the maker of "Draw Something. " In March, San Francisco-based Zynga paid $180 million for OMGPOP based primarily on the value of "Draw Something," which was at the time hugely popular on mobile devices and the top-selling game on Apple's iTunes Store. However, it soon became clear that Zynga bought OMGPOP at the peak of the game's popularity, because its usage rapidly declined in the following months.
ENTERTAINMENT
September 14, 2012 | By Alex Pham
Zynga Inc. has fired back at Electronic Arts Inc., calling EA's copyright infringement lawsuit against it "baseless" and filing a countersuit alleging that the video game giant for prevented its employees from leaving to work for Zynga. “Today we responded to EA's claims, which we believe have no merit," the San Francisco social gaming company said Friday in a statement. "We also filed a counterclaim which addresses actions by EA we believe to be anticompetitive and unlawful business practices, including legal threats and demands for no-hire agreements.” Zynga's counterclaim escalates the battle between the two Bay Area gaming behemoths, both in court and in the hotly competitive market for mobile and social games.
ENTERTAINMENT
August 9, 2012 | By Ben Fritz
After the coffee. Before trashing my fan art of Ben Affleck as The Flash. The Skinny : The U.S. men's volleyball team lost in the Olympic quarterfinals to Italy, which means the women have to keep winning or else the only sport I care about will be off the air again for another four years. I know, I'm not exactly regular Morning Fixer Joe Flint when it comes to excitement about throwing and hitting balls. Well in media news today, we've got News Corp. earnings, more troubles at Zynga, and an incredibly brief flirtation of Ben Affleck with "Justice League.
ENTERTAINMENT
August 8, 2012 | By Alex Pham
Zynga has shuffled its deck in a management reorganization and tossed out its chief operating officer, John Schappert. The move came Wednesday after a turbulent two weeks in which Zynga saw its stock fall to record lows after a disappointing second-quarter financial report and was smacked with two lawsuits . "John has made significant contributions to the games industry throughout his career, and we appreciate all that he has done for...
ENTERTAINMENT
July 31, 2012 | By Alex Pham
When it rains, it pours. Zynga's shares hit a new low Tuesday after news of a lawsuit filed Monday by shareholder Mark DeStefano began to circulate. Such suits are common after a company's stock price nosedives, as Zynga's did last Wednesday following a bleak second-quarter earnings report. The following day, the San Francisco game company's shares dropped 37% to $3.18 , down from $5.08 the day before. Zynga closed at an all-time low of $2.96, down 6 cents, Tuesday. That compares with Zynga's $10 per share initial public offering price when the stock debuted on the stock market in December, and a high of $14.69 on March 2. While revenue grew 19% from a year earlier to $332.5 million in the quarter, Zynga swung to a loss of $22.8 million compared with a profit of $1.4 million a year earlier.
ENTERTAINMENT
July 31, 2012 | By Alex Pham
When it rains, it pours. Zynga's shares hit a new low Tuesday after news of a lawsuit filed Monday by shareholder Mark DeStefano began to circulate. Such suits are common after a company's stock price nosedives, as Zynga's did last Wednesday following a bleak second-quarter earnings report. The following day, the San Francisco game company's shares dropped 37% to $3.18 , down from $5.08 the day before. Zynga closed at an all-time low of $2.96, down 6 cents, Tuesday. That compares with Zynga's $10 per share initial public offering price when the stock debuted on the stock market in December, and a high of $14.69 on March 2. While revenue grew 19% from a year earlier to $332.5 million in the quarter, Zynga swung to a loss of $22.8 million compared with a profit of $1.4 million a year earlier.
ENTERTAINMENT
August 9, 2012 | By Ben Fritz
After the coffee. Before trashing my fan art of Ben Affleck as The Flash. The Skinny : The U.S. men's volleyball team lost in the Olympic quarterfinals to Italy, which means the women have to keep winning or else the only sport I care about will be off the air again for another four years. I know, I'm not exactly regular Morning Fixer Joe Flint when it comes to excitement about throwing and hitting balls. Well in media news today, we've got News Corp. earnings, more troubles at Zynga, and an incredibly brief flirtation of Ben Affleck with "Justice League.
BUSINESS
May 3, 2012 | By Alex Pham, Los Angeles Times
As a hurricane barreled toward the Florida Keys, John Schappert, the chief operating officer of Zynga Inc., was on a charter boat to catch lobsters with half a dozen friends. When the winds kicked up and large waves tossed the small craft about, several passengers felt too seasick to dive. But Schappert insisted on diving until he caught close to a dozen lobsters before he was willing to call it a day. "Most of us were begging to get back to shore," recalled Steve Chiang, a close friend who was on the boat that day in July.
BUSINESS
February 15, 2012 | By Alex Pham, Los Angeles Times
Zynga Inc. got little love on Valentine's Day from investors as the social gaming company saw its shares sink more than 5% after the release of its first quarterly financial results as a public company. The San Francisco publisher of CastleVille and Words With Friends, played on Facebook and mobile devices, said Tuesday that revenue grew to $311.2 million in the fourth quarter ended Dec. 31, up 59% from $195.8 million a year earlier. But because the company paid more than half a billion dollars in stock-based compensation to employees as a result of its Dec. 17 initial public offering of $1 billion, Zynga reported a net loss of $435 million, or $1.22 a share, compared with a $43-million profit, or 5 cents, a year earlier.
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