zynganewBloomberg reports that social games giant Zynga Inc. announced that it will slash 520 jobs (approximately 18 percent of its staff), and shut down some offices as a result of lower than expected returns from its titles apart from the FarmVille series. The cuts will save roughly $70 million to $80 million in pretax expenses per year, the company said in a statement. The reductions will be finished by August and will lead to restructuring charges of $24 million to $26 million in the second quarter and $2 million to $5 million in the third quarter. CEO Mark Pincus is lowering costs as game players move from titles on Facebook Inc., Zynga’s core business, to apps played on smartphones.  Read more