Pets, the social game built into if(we)'s social network, makes a lot of money. The company is using that to fund development of a next-gen messaging app that it thinks could be the next Snapchat or WhatsApp.
As part of its fourth-quarter earnings release today, Zynga announced today that it has closed its Chinese studio, terminating 71 employees in the process. The branch, located in Beijing, was making games specifically for that market along with adapting hits like FarmVille.