Perhaps the only thing more amazing than ZNGA's share price collapse from $15.91 in March to $2.30 today is the fact that the company still has $1.1B worth of net cash and securities on its balance sheet. The market cap of the company is only $1.7B now which means that the Enterprise Value is about $600m (even less if you give credit for real estate holdings). Equally amazing is that the company $1.2B in revenues but can't turn an operating profit.
I think it's safe to say that ZNGA is the most extreme growth/value stock identity crisis in the market today. On the one hand it flashes signals that it is a deep value stock (EV near 0) but on the other hand it has trademarks of a momentum/growth stock (early in it's life, not focused on profits, formerly hot sector). So which is it?