09/10/2012 13:47 BST | Updated 09/12/2012 10:12 GMT

Zynga 'Worthless': FarmVille Maker's Market Cap Falls Below Value Of Cash And Real Estate

The social game giant Zynga, famous for its Farmville and Draw Something titles, is worth "nothing" according to one analysis of its share price.

Zynga has faced a difficult year after it went public at the end of 2011.

At its IPO in December 2011 the company's stock stood at $10.

As of Tuesday it was down to $2.43 per share, giving it a market cap of $1.84bn.

Not great, but not awful, you might think - except that, as the LA Times notes, its assets including real estate, cash and securities are worth about $2.46 per share.

Which means Zynga is currently worth less than itself.

The latest drops in its share price come almost a week after the company warned its 2012 performance would be below expectations.

It added that it would have to write down about $90m its purchase of Draw Something-makers OMGPOP, which it bought for $180m in March.

The company has also lost a number of key executives, including Paul and David Bettner, who created Words With Friends.

The company maintains that many of its games remain popular, and that its new CityVille 2 and FarmVille titles are coming soon.

But with just a handful of its titles in the top 100 highest-grossing apps on the iOS Store, it will have to find a new burst of success to recapture its former glory.