Mobile publisher Zynga's stock value has plummeted, leading J.P. Morgan analyst Doug Anmuth to publish a report in which he suggests that the company's value is, in essence, nothing.
It was reported in the LA Times that, according to Anmuth's report, the company's combined assets are worth $2.46 per share, but Zynga's stock is valued on Wall Street at $2.35 per share. A 16 per cent stock price drop has led the company to this precarious situation.
"The outlook for [the fourth quarter] is significantly lower than our expectations, which assumed some growth from newer titles launched this summer," Anmuth commented in his report. "We expect fundamentals to remain weak over the next few quarters as the company faces several headwinds."