There is more than a bit of schadenfreude among longtime insiders in the gaming industry at Zynga’s performance over the last year. The company has fallen from a private, pre-IPO valuation of around $14 billion to just $2 billion over the past year as it failed to maintain growth on the Facebook platform and didn’t transition quickly enough to compensate on Android and iOS. At a $2 billion market cap, Zynga isn’t worth that much more than the $1.6 billion in cash and marketable securities it had at the end of the last quarter. But now that shares are up more than 10 percent since Zynga acknowledged that it is taking steps toward real-money gaming in the U.S. , the company faces an interesting question about its identity in the long-term. Will it be a gaming company, or a gambling company
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